• 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
  • Bet & win BTC
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
  • 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
  • Bet & win BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
Advertisement

One Biggest Takeaway from Fed Meeting: There is no Bitcoin Bubble

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

Bitcoin closed above $20,000 on Wednesday for the first time in its lifetime, just as the Federal Reserve decided to preserve its dovish agenda for the coming years.

Again, the two events validated the cryptocurrency’s growing dependence on macroeconomic conditions to decide its market bias.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.

Fed Influence on Bitcoin

The BTC/USD exchange rate rose to $20,000 ahead of the Fed meeting’s conclusion, pointing to traders’ anticipation that the central bank would extend its asset purchasing program in a near-zero lending rate environment. The pair later extended its rally to well beyond $22,000 after their expectations came true.

Fed Chairman Jerome Powell held from boosting their bond-purchasing program but introduced guidance to keep it intact for a longer timeframe. He noted that the Federal Open Market Committee would continue to purchase $120 billion worth of debt every month until it achieves maximum employment and sustainable inflation above 2 percent.

Mr. Powell also said that his office would take additional measures, including a shift in bond-buying composition towards longer-dated maturities if needed. That also reduced the possibilities of tapering in the coming monthly sessions.

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!

The move somewhat showed a deteriorating short-term outlook in the US economy, providing investors all the cues to take their capital into perceived safe-havens, benefiting Bitcoin.

Not a Bubble

Bitcoin’s strong move above $22,000 received a further boost from its increasing institutionalization. On Wednesday, the benchmark cryptocurrency paved its way into the UK investment firm Ruffer Investment Management’s balance sheets. They disclosed about $744 million worth of BTC in their reserves.

The news marked another event wherein a big corporation or an investor ventured into Bitcoin against their inflation fears. Earlier, hedge-fund managers Paul Tudor Jones and Stanley Druckenmiller, insurance behemoth Massachusetts Mutual Life Insurance Co., and companies like MicroStrategy and Square invested in the benchmark cryptocurrency.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin hits $22,000 amid growing institutional adoption. Source: BTCUSD on TradingView.com

The Fed’s forward outlook gives companies more reasons to allocate a portion of their portfolio to Bitcoin, primarily because the young asset is challenging the safe-haven status-quo ruled by gold. In his latest interview with Bloomberg, Guggenheim Partners CEO Scott Minerd said the Bitcoin price could hit $400,000 if investors start demanding it over their precious metal positions.

 “Bitcoin has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions,” he explained.

Bitcoin is up about 204 percent this year.

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

50% of Bitcoin hashrate Controlled by Two Mining Pools

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

3 hours ago
Institutional Bitcoin Buying Is a Positive Sign, Suggests Matrixport

Institutional Bitcoin Buying Is A Positive Sign, Suggests Matrixport

1 day ago
Bitcoin BTC

Inflation May Be In A Lull, What Does That Mean For Bitcoin?

2 days ago
Bitcoin Lightning Network POS Clover

Major Adoption News For Bitcoin: POS Giant Clover Starts Lightning Trial

2 days ago
Bitcoin

These Metrics Hint At Massive Bitcoin ‘Buying Opportunity’, Says Analyst

3 days ago
Bitcoin Whale

Bitcoin Exchange Whale Ratio Surges, What Does It Mean?

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

  • Is Aptos (APT), Solana (SOL), or Snowfall Protocol (SNW)...

    8 hours ago
  • Hector Network launches its NFT marketplace on Fantom...

    8 hours ago
  • Fantom (FTM) launches ecosystem vault to finance dApp...

    9 hours ago
  • Esports Driving the Advancement of Cryptocurrency in Sports...

    23 hours ago
  • Connecting the dots on $PAW. Is Ryoshi back?

    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
© 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
  • Bet & win 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.