Finst

Bitcoin Reclaims $60,000 After Warsh’s Comments

Warsh’s less hawkish tone at the ECB forum gave Bitcoin and Ethereum some breathing room, while the market now looks ahead to U.S. jobs data and the next Fed meeting.

By Luc Vesters
• 2 min read
Bitcoin Reclaims $60,000 After Warsh’s Comments

Key Takeaways

  • Bitcoin climbed back above $60,000 on Wednesday after Fed Chair Kevin Warsh sounded less hawkish on inflation and rates.
  • Ethereum moved higher too, while gold and other precious metals also gained as rate fears eased.
  • The market is now watching the U.S. jobs report and the next Fed meeting for a new direction.

Bitcoin moved back above $60,000 (€52,700) on Wednesday after Fed Chair Kevin Warsh said inflation risks have eased and signaled a more open view toward artificial intelligence. Markets took that as a softer message than his first appearance in June, and both risk assets and precious metals caught a lift.

Warsh Eases Rate Fears

Warsh delivered the remarks at the ECB Forum on Central Banking in Sintra, Portugal, his first international appearance as Fed chair. He still said inflation remains too high, but he also noted that price pressures have eased since he took office. While he did not hint at a rate cut, his comments landed as less forceful than many traders had braced for.

That matters for crypto because expectations for higher rates usually weigh on risk assets. The macro backdrop is still uneasy: in the U.S., inflation rose 4.2 percent year over year in May, the Fed held rates at 3.5 percent to 3.75 percent in June, and officials had already floated the possibility of another hike. Against that backdrop, traders are still zeroed in on economic data and liquidity, a theme that also runs through the broader debate over a volatile second half for Bitcoin and stocks.

Bitcoin and Ethereum Recover

Bitcoin was changing hands near $60,088 (€52,800), up about 2.8 percent over the past 24 hours. Ethereum rose about 3.3 percent to almost $1,619 (€1,420). That move pushed Bitcoin’s market value back above $1.2 trillion (€1.1 trillion).

The bounce comes after a rough month for Bitcoin. Last week, the coin dropped to its lowest level of 2026, near $58,000 (€51,000), after hotter-than-expected May inflation data sparked $1.26 billion (€1.1 billion) in liquidations. Even with Wednesday’s rebound, Bitcoin is still down about 16 percent from a month ago.

Gold also recovered, reaching an intraday high of $4,115 (€3,620) after hitting multi-month lows earlier this week. Silver and other precious metals also advanced as traders dialed back expectations for aggressive tightening.

Market Watches Data

The bond market told a different story. The 10-year Treasury yield climbed to around 4.46 percent, suggesting bond investors are still pricing in higher rates for longer. That makes the upcoming U.S. jobs report and the next Fed meeting, roughly four weeks away, especially important for sentiment around Bitcoin and other risk assets.

For European crypto readers, the main takeaway is that the same rate expectations can move both Bitcoin and gold. When the market is less certain about the Fed’s next step, these assets often react more to macro headlines than to crypto-specific news.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.