Bitcoin price quickly pushed above the $17,000 level and major US stock indices exploded higher on the heels of some of the most dovish remarks by Fed Chair Jerome Powell in nearly a year. Don’t Fight The Dovish Fed Tone Change The quote “don’t fight the Fed” has never been more proven than in recent months, as the hawkish tone the head of the US central bank has sent cryptocurrencies and equities into a bear market. Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.
5 BTC + 300 Free Spins for new players & 15 BTC + 35. 000 Free Spins every month, only at mBitcasino. Play Now! Bitcoin fell from $69,000 to $15,500 after the Fed revealed its plan to increase interest rates and tame the worst consumer price inflation in over 40 years.
Related Reading: Bitcoin Looking At ‘Major Move’ In Coming Days, These Technicals Show In a speech today at Hutchins Center on Fiscal and Monetary Policy, Brookings Institution, Washington, DC, Fed Chair Jerome Powell revealed the central bank would slow its aggressive rate hikes, beginning as soon as this upcoming December’s meeting. “It makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down,” Powell said. “The time for moderating the pace of rate increases may come as soon as the December meeting,” he added.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Bitcoin began to climb following Powell’s remarks | Source: BTCUSD on TradingView. com Bitcoin And Stock Market Sees Bounce But Beware Markets responded strongly to the upside, with Bitcoin price taking back the $17,000 level. Ethereum gained 6% and other altcoins saw a relief rally.
The Dow Jones Industrial Average closed 2% higher, the tech-heavy Nasdaq climbed 4%, and the S&P 500 added 3% and reclaimed its 200-day moving average. Despite the seemingly dovish talk from Powell, he reiterated the job isn’t done and restrictive rates are likely to remain for the longer-term. Related Reading: Bitcoin Adjusted For Inflation Brings Bull Market ROI To Zero “It is likely that restoring price stability will require holding policy at a restrictive level for some time.
History cautions strongly against prematurely loosening policy,” he said. “We will stay the course until the job is done,” Powell concluded. Markets are turning optimistic and pricing in a potential half-point rate in December.
The next Fed meeting takes place on December 14. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education . Please note: Content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView. com Share Tweet Share Share Sign Up for Our Newsletter! For updates and exclusive offers enter your email. Sign Up I consent to my submitted data being collected and stored.
Leave this field empty if you’re human: Tony Spilotro I’m Tony Spilotro. Behind the pseudonym, I’m a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views.
I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck – literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets.
It hasn’t yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can’t yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say.
Please follow me on Twitter and feel free to drop me a line if you would like to work together. Related Posts Bitcoin Trading Volume Outside Binance Falls To Lowest Since Feb 2021 1 hour ago Bitcoin Looking At ‘Major Move’ In Coming Days, These Technicals Show 11 hours ago Bullish For Bitcoin? Contagion Might End As Genesis Creditors Seek Options 14 hours ago Bitcoin Adjusted For Inflation Brings Bull Market ROI To Zero 1 day ago Bitcoin Price Could Plunge Below $16,000 Due To China’s Civil Uproar 1 day ago Tom Lee Says Bitcoin is Still A Good Investment, But Why? 2 days ago.
From: bitcoinist
URL: https://bitcoinist.com/bitcoin-reclaims-17k-stocks-powell-speech/
