• 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
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: The Sandbox Seals Deal With Saudi Arabian Digital Government Authority
  • 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
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: The Sandbox Seals Deal With Saudi Arabian Digital Government Authority
Advertisement

Bitcoin Reclaims $30,000 After Fed Keeps Policy Steady; What’s Next?

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
0
Advertisement

Bitcoin prices reclaimed $30,000, a psychological support level, hours after slipping below it during the New York session Wednesday as investors assessed Jerome Powell’s decision to keep the Federal Reserve’s dovish policies steady.

The US central bank chief asserted that his office would hold the benchmark interest rates near zero while purchasing government and corporate bonds at a rate of $120 billion per month. He noted that their expansionary policies would stay firm until the US economy achieves maximum employment and inflation above 2 percent.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

“The [coronavirus] pandemic still provides considerable downside risks to the economy,” Mr. Powell stressed.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin recovers back above $30,000. Source: BTCUSD on TradingView.com

Bitcoin climbed to an intraday high of $31,880 after Mr. Powell’s comments, only to pare a small portion of those gains while entering the early Asian session Thursday. The benchmark cryptocurrency was trading near $31,500 at the time of this writing on low volumes, suggesting an underlying short-term bias conflict among traders in the market.

That is partially due to a stronger US dollar. The greenback closed Wednesday 0.53 percent higher at 90.64 against a basket of top foreign currencies. Meanwhile, US stocks notched their worst day of 2021, with the benchmark S&P 500 and the tech-savvy Nasdaq Composite each plummeting 2.6 percent. Gold fell 0.23 percent.

Bitcoin against Falling Yields

Investors instead clamored into government bonds. The rally in the benchmark US 10-year Treasury note sent its yield briefly below 1 percent on Wednesday. Later, it settled at 1.01 percent. Traders in the Bitcoin market perceives lower bond yields as their cue to increase their bids on the cryptocurrency.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!
US government bond, US Treasury, US bond yields
US 10-year Treasury yield plunges as demand for bonds rises. Source; US10Y on TradingView.com

Josh Rager, an independent market analyst and head of BlockRoots.com, meanwhile focused on Bitcoin’s technical prospects as it remained choppy around $30,000. Recalling the cryptocurrency’s price movements from the past, he noted that BTC/USD has a habit of entering prolonged consolidation periods after its parabolic moves. And the current situation is no different.

“Back in 2016-2017, there were times when Bitcoin hit a local high, followed by a pullback where it took several weeks to a couple of months for the price to reclaim the high and move higher up,” Mr. Rager tweeted. “Be patient here — Bitcoin will hit another high, but it may take weeks to get there.”

Bubble Woes

But skeptics noted bubble-like features in the Bitcoin market as it swelled by more than 1,000 percent in just 10 months of trading.

Deutsche Bank surveyed 627 global market professionals earlier in January to rate the ongoing market bubbles on 0 to 10, with 10 pointing to “extreme bubble.” Bitcoin got a score of 8.7.

But even sovereign debt has become a bubble, believes Luke Gromen, the founder of research firm FFTT.

“I think at a very minimum, before this is all said and done, we’re likely to see negative 5-10% real interest rates in the U.S.,” he told Blockworks.

“I think at this point, Bitcoin has been on top in terms of performance, but I think it’s all being driven by the same dynamic, which is this bursting global sovereign debt bubble,” he added.

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 BTC BTCUSDT

Will Bitcoin See A Valentine’s Day Massacre Or Can Bulls Get Back To $24,000?

10 hours ago
Bitcoin

Bitcoin Long-Term Holders Are Still Selling At Loss: Glassnode

16 hours ago
Bitcoin BTC

Will Bitcoin And Ethereum Crash? DCG Sells Grayscale Trust Shares

18 hours ago
Bitcoin

Top Crypto Miner At Record Bitcoin Production, Bear Market Over?

1 day ago
Bitcoin price

This Will Be Important For Bitcoin And Crypto This Week

2 days ago
New record: 49% of Bitcoin Supply Has Not Changed Hands in 2 Years

New Record: Half Of Bitcoin Supply Hasn’t Changed Hands In 2 Years

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • ALTCOIN DAILY TO PRODUCE AND STAR IN NEW “SHARK TANK OF...

    15 hours ago
  • SinVerse Studios Announces $1 Million Buyback Program for...

    15 hours ago
  • Join the Revolution: Invest in STARSTAKING for 25% APY and...

    15 hours ago
  • The Crypto Bull Market Trend Has Started! What Does This...

    16 hours ago
  • Orbeon Protocol (ORBN) Grows 1625% During the Presale...

    16 hours 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
© 2023 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
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 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.