The Fed Boosts Bitcoin | Forexlive

Bitcoin broke above the $23,170 mark, adding more than 9% in the past 24 hours. Ethereum jumped 13% to $1640. The other top 10 leading altcoins gained between 6% (BNB) and 15% (Polkadot).

The total capitalization of the crypto market, according to CoinMarketCap, rose 8.9% overnight to $1.06 trillion.

Bitcoin buying rose sharply on Wednesday following the Fed’s decision and subsequent comments. The crypto market has once again proven that it is getting stronger than stocks when it comes to restoring demand for risky assets. Although the policy tightening was negative for asset valuations, it was already priced in, and subsequent relatively neutral signals from Chairman Powell bolstered further buying in stocks and cryptocurrencies.

Technically, BTCUSD broke back above its 50-day moving average in a strong move and continues to rise from Thursday morning. We will draw attention to the $24,000 area, where earlier in July the growth momentum stagnated. The ability to strengthen further could bolster market participants’ confidence that the bottom is behind us.

The International Monetary Fund (IMF) released a report on the global economy, noting that the fall in the cryptocurrency market has not affected the stability of the global financial system. The IMF suggests that the crypto market will undergo a painful transformation, with a string of cryptocurrency company bankruptcies continuing.

Cathie Wood’s ARK Invest fund sold $75 million worth of Coinbase shares due to an SEC investigation. The regulator is accusing some former senior Coinbase executives of insider trading.

According to media reports, the US Treasury suspects cryptocurrency exchange Kraken of violating sanctions against Iran.

The US Consumer Financial Protection Bureau (CFPB) will investigate the use of digital currencies for payments and increase oversight of tech companies as they enter the traditional financial sector.

Tether, the issuer of USDT, the largest stablecoin by capitalization, has promised to focus on commercial paper reserves from the current $3.7 billion no later than November and clarified that it will not did not hold Chinese titles.

This article was written by Alex Kuptsikevich, Senior Market Analyst at FxPro.


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