Bitcoin remains subdued as gold races to new record above $5,400 following Jerome Powell remarks

Gold fans rushed in to buy as the Fed chair said he took no macro signal from the raging bull market in precious metals. What to know : Gold soared to a new record on Wednesday afternoon, quickening its rise as Fed Chair Jerome Powell spoke at his post-meeting press conference. Bitcoin continues to trade in a very tight range around $89,000. "Crypto is underperforming some of the very assets it was designed to supplant," said one analyst.