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Bitcoin BTC BTCUSD FED

FED’s Powell Confirms Persisting Inflation, Could Tapering Stop Bitcoin’s Rally?

Reynaldo Marquez
by Reynaldo Marquez
3 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin has dropped 3.8% in the 24-hour chart as the Chairman of the U.S. Federal Reserve Jerome Powell gave a speech on the current economic outlook. As of press time, the crypto market has negatively reacted to Powell’s statements as the intuition finally hints at a possible start of tapering.

Related Reading | Can “Coin Days Destroyed” Indicator Predict Bitcoin Tops?

Per a report by Reuters, the FED Chair said the following on inflation, high expectations from investors on the metric have been driving the price of Bitcoin to new highs in 2021:

Supply constraints and elevated inflation are likely to last longer than previously expected and well into next year, and the same is true for pressure on wages.

Powell took a 180 degrees turn from previous statements. The phrase “inflation is transitory” has been associated with Powell and the Federal Reserve’s inability to take control of the economic situation.

The FED also faces a current scandal due to many of its members on national and state levels have allegedly profited from taking positions before big announcements made by the institution. This has yielded millions in gains to many of its high-ranking members.

As Bitcoinist reported, mathematical artist Nelson Saiers embodied the apparent general sentiment of mistrust towards the U.S. FED with its latest piece: an inflatable Bitcoin rat place on the institution’s building in New York. The work tries to convey the damage the FED’s reputation has taken over the years.

Bitcoin BTC BTCUSD
BTC trends downwards in the daily chart after FED hinted at tapering. Source: BTCUSD Tradingview

The FED Chair has tried to take on new measures to stop similar actions in the future, but the dame seems too great to fix in the short term. Ryan Selkis, founder at crypto research firm Messari, commented the following on Powell’s inflation statements and the institution’s overall performance:

Bitcoiners told you the truth. The Fed either lied or was so bad at their jobs the whole lot should be fired. Either way bitcoiners told you the truth.

https://twitter.com/twobitidiot/status/1451584347870466049

Bitcoin With More Downside Risk

The lack of trust, inflation expectations, and a possible start of tapering are creating a strong cocktail, as Bitcoin trends downwards in lower timeframes.

Although inflation is key, the injection of liquidity into global markets by the FED via its purchases of assets program has given the crypto and traditional market a great boost.

Related Reading | Walmart Hosts 200 Bitcoin ATMs: Easy-To-Use Options Diversify Users

Thus, any change into this dynamic by implementing tapering in 2022 could jeopardize Bitcoin’s run in the future.

In the short term, Bitcoin seems in danger of more downside, but with signs of strength on the bull’s corner. QCP Capital records an increase in leverage for the futures sector, as seen below.

Bitcoin BTC BTCUSD
Source: Skew via QCP Capital

The aggregated Open Interest (OI) for the Bitcoin Futures surpassed 400,000 BTC notional, the firm claimed. This metric stands very close to its previous all-time high and is accompanied by a spike in the funding rates for BTC perpetual contracts, but very far from its April levels, right before Bitcoin crashed.

QCP Capital added the following on the possibility of BTC’s price resuming its rally:

This means there is possibly still room for additional topside euphoria but we are at levels that are starting to stretch the market.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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