Crypto Market Rises Amid Fed Reassurance on No Bailouts

Crypto prices are on the rise across the board, despite Federal Reserve Chair Kevin Warsh's statement that he has no intention of bailing out the industry. Bitcoin is trading near $64,600, up over 3%, while Ethereum has climbed above $1,875 and XRP trades near $1.10.

The total market value of cryptocurrencies is now over $2.22 trillion, a gain of more than 2.5% in the past day. However, the Fear and Greed Index remains at 33, indicating that the market as a whole still feels fearful.

Warsh made his comments during testimony before Congress, where he emphasized that the Federal Reserve has no interest in stepping in to save crypto if it runs into trouble. 'We're not bailing out anybody, including crypto,' he said, adding that the Fed wants to be in a position where it isn't bailing out anyone at all.

Warsh also addressed inflation, stating that persistent high inflation is due to choices made through monetary policy, rather than short-term price swings or global uncertainty. He expressed confidence that if the Fed gets its policy right, the high inflation of the past five years will become a thing of the past.