Fed Speeds Up Stimulus Withdrawal, and Bitcoin Jumps

Fed Speeds Up Stimulus Withdrawal, and Bitcoin Jumps
Federal Reserve officials took steps to accelerate the withdrawal of the unprecedented monetary stimulus used to prop up markets in the wake of the coronavirus, acknowledging the growing threat of inflation now at a 39-year high.The U.S. central bank meeting was being closely watched by digital-asset traders because many bitcoin investors see the cryptocurrency as a hedge against the potential debasement of the dollar that might result from the monetary stimulus, which is facilitated by Fed money printing. So a faster withdrawal of the stimulus might provide an extra headwind for bitcoin prices.But bitcoin (BTC) prices jumped after the Fed…