• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Nexo

Bitcoin Near $16,000 after Powell Keeps Rates Low, Commits Infinite-QE

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
0

The price of a single Bitcoin [almost] reached $16,000 as traders assessed a combination of supportive macro catalysts.

One of them was the Federal Open Market Committee’s (FOMC) November meeting. On Thursday, the Federal Reserve Chairman Jerome Powell reiterated that the worsening coronavirus pandemic poses extreme risks for the US economy. He also expressed concerns about the exhaustion in American households’ savings after the dissolution of earlier stimulus relief measures.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Mr. Powell pledged to keep supporting the economy by maintaining benchmark interest rates near zero for at least three years. Meanwhile, he also proposed to make upward adjustments in the Fed’s asset purchasing program. The bank currently buys $120 billion worth of Treasury and mortgage-backed securities.

Dollar Dips

The statements stressed the US dollar. On Thursday, the greenback fell 0.94 percent as talks of more central bank spending threatened to hurt its purchasing power. Its dip prompted investors to seek opportunities elsewhere, with Bitcoin emerging as an ideal candidate thanks to its consistent uptrend since the previous two weeks.

The cryptocurrency jumped by up to 18 percent following PayPal’s foray into the cryptocurrency sector on October 21. Later, the US presidential election uncertainty followed by the prospects of a Joe Biden win against Donald Trump helped to extend its bull run (read here) further.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Investors flock into Bitcoin after Fed’s pro-inflation remarks. Source: BTCUSD on TradingView.com

As earlier covered, the Democratic nominee has promised his voters that he would boost government spending to aid them through the pandemic-hit economy. Therefore, investors anticipate that Mr. Biden, as the next US president, will unveil a gracious stimulus package – with a baseline of at least $2 trillion.

Fed Wants Stimulus

Mr. Powell also stressed the need for a broader fiscal relief to mitigate coronavirus’s impact on Americans, adding that it would further help avoid bankruptcies and long-term labor market damage.

“We’ll have a stronger recovery if we can just get at least some more fiscal support, when it’s appropriate and at the size Congress thinks is appropriate,” the Fed chair added.

Overall, fresh dollar liquidity into the US economy would limit its appeal as safe-haven, as had happened after the March 2020 stimulus package. That somewhat explains why Bitcoin surged immediately after the FOMC meeting hit the wire.

‘I expect Bitcoin will return to all-time highs by January 2021,” said market analyst Parabolic Thies. “The craziness of a bull run ensues thereafter.”

He meanwhile warned that the cryptocurrency would risk correcting by at least 30 percent during its current bull run.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Bitcoin

Crypto Market Madness Leads To Surge In Bitcoin On-Chain Activity

21 mins ago
Sam Bankman-Fried: Bitcoin Isn’t A Viable Payment Network

Sam Bankman-Fried: Bitcoin Isn’t A Viable Payment Network

4 hours ago
US Justice

US Justice Department Executes First Criminal Crypto Charge

5 hours ago
Texas, a huge boot in front of a store

Bitcoin & Energy Merge In Texas: 3 Giant Companies Announce New Mining Facility

18 hours ago
El salvador

44 Countries Set To Meet El Salvador To Discuss Bitcoin, Here’s What We Know

1 day ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.