Crypto Sentiment Shifts Amid US Fed Chair Inflation Comments

According to data from Santiment, Bitcoin shows signs of greed and FOMO after surging 14% weekly. According to the platform’s Trending Tokens Dashboard, Bitcoin is the most trending coin, following its rebound to over US$60k (AU$ 88k) this week.

At least 49% of comments are positive, 21% neutral, and 30% negative for BTC.

The surge in interest in Bitcoin comes as the Federal Reserve’s Chairman Jerome Powell recently claimed that they’re not waiting for inflation to fall below 2% before cutting rates, which likely contributed to the rise of crypto’s Fear and Greed Index to over 65 this week.

More specifically, Powell stated that the Fed is considering cutting interest rates regardless of whether inflation falls below 2%. The Chairman disclosed the Fed’s plans when speaking at the Economic Club of Washington, D.C. 

Powell also acknowledged a “high level of confidence,” which comes from falling inflation, the latest job statistics, and CPI reports.

Related: Bitcoin and Crypto Market Set for Surge as Lower-than-Expected US CPI Sparks Equities Rally

Trump Ready to Speak At Bitcoin Conference

Another factor likely influencing the BTC hype is the upcoming Bitcoin Conference, which will see the participation of some of the most influential politicians, artists, and veteran crypto advocates, including Michael Saylor, Donald Trump, Robert F. Kennedy Jr., Russel Brand, and Edward Snowden.

Speaking of Trump, the former President recently picked JD Vance as his future Vice President. Vance, who currently serves as the Junior US Senator from Ohio, proposed a bill that simplifies the process for determining which digital assets the Securities and Exchange Commission (SEC) can oversee.

JD Vance is Trump's VP pick and the likely next Vice President.

He strongly supports crypto.

He voted for SAB121 repeal.

He's a holder – owned $250k bitcoin 2022 – likely more now.

He's slammed gensler in open letters.

Further evidence that Trump white house is pro-crypto. pic.twitter.com/lfbytKYII4

— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) July 15, 2024

Trump picked Vance the day after an assassination attempt was made on him. The US presidential candidate dodged a bullet aimed at his head by just a matter of luck. The bullet grazed his ear, and he had to be rushed off stage. The event could have ended with massive ramifications, especially as the political climate in the country gets more heated ahead of the upcoming November elections.

Related: Trump Says Remaining BTC Should Be Mined in USA, Throws Support Behind Miners

Despite the chaotic incident, Trump went to play golf the next morning and vowed to attend the Bitcoin Conference this year.