Bitcoin traders are awaiting the Federal Reserve's June meeting minutes to determine the sustainability of the cryptocurrency's recovery. The minutes revealed that officials are concerned that the AI infrastructure boom could act as a new source of inflationary pressure. Consequently, Fed officials increasingly believe this boom might necessitate keeping interest rates higher for a longer period. Meanwhile, the US Senate is set to decide the fate of the CLARITY Act, a key crypto market-structure bill, within the next 20 working days.
The Federal Reserve Board published detailed minutes from its June 8 and June 17 meetings regarding primary credit rates and monetary policy deliberations.
Read the full storyFOMC minutes show officials worry that massive AI infrastructure spending could create new inflationary pressures, potentially delaying expected rate cuts.
The US Senate returns with a 20-day working window to vote on the CLARITY Act, the most advanced crypto regulatory framework currently in Congress.
Crypto markets are eyeing Wednesday's release of the June Fed minutes to validate hopes that a softening labor market will prompt a dovish pivot.