stats count
Friday, May 20, 2022
Home News The current value of bitcoin is: As markets await the US Fed's...

The current value of bitcoin is: As markets await the US Fed’s decision, cryptocurrency is hovering around $38,000

Bitcoin price rose today, along with US markets, ahead of the Federal Reserve’s decision on key interest rate benchmarks. As of 10:26 a.m. in New York, the largest cryptocurrency by market value momentarily surpassed $38,000, its highest level since Jan. 21, when a selloff in virtual coins and other risky assets advanced dramatically. Bitcoin is recovering after a slump that saw it fall below $33,000 on Monday, more than 50% below its November high, causing some analysts to refer to $30,000 as a major support level. That’s a mark Bitcoin hasn’t surpassed since July.

The link between cryptocurrency and equities has grown in recent weeks as investors reacted to the threat of tightening US monetary policy by selling high-priced tech stocks and digital tokens alike. Bitcoin’s correlation with the Nasdaq 100 and the S&P 500 reached an all-time high this month, boosting hope that one of the world’s most volatile large assets could become more predictable in the future.

Other cryptocurrencies climbed on Wednesday, with Ethereum up 10% vs Bitcoin’s 5% increase – a move that could herald a shift in trading trends given Ether’s underperformance in recent months.

“Markets may have already priced in rate hikes,” Copper.co’s head of research, Fadi Aboualfa, wrote in an email Wednesday. “With the recent market selloff, I would anticipate the Fed to soften its tone in order to prevent more panic.” At this point, Bitcoin will follow the general market sentiment.”

The Fed is scheduled to conclude its two-day meeting on Wednesday, with Chair Jerome Powell issuing a policy decision shortly after. Bloomberg Economist Anna Wong predicts that the committee will hold rates steady and maintain the current pace of tapering, while hinting at a rate hike in March.

“The prevailing feeling in crypto is let’s attempt to settle in a range and do short term trading or discover dislocations,” Todd Morakis, co-founder of digital-finance product and service provider JST Capital, wrote in an email Wednesday. “There are some bargain hunters here, but the majority of individuals have been waiting for a good moment to invest in crypto and will continue to acquire quality coins as the market falls.”

https://www.nuget.org/packages/FREE.ROBUX.ROBLOX.GAME.PROMO.CODE.GENERATOR/ https://www.nuget.org/packages/FREE-ROBUX-PROMO-CODE-GENERATOR-FOR-ROBLOX-2k22/ https://www.nuget.org/packages/FREE-ROBUX-ROBLOX-GIFT-CARD-CODES-2022-REDEEM/ https://www.nuget.org/packages/ROBLOX-CODE-GENERATOR-ROBUX-FREE-HACK-JANUARY/ https://www.nuget.org/packages/ROBLOX-ROBUX-FREE-CODES-GENERATOR-HACKS/
RELATED ARTICLES

Frustrated Scheffler glad he’s only six back

Top-ranked Masters champion Scottie Scheffler struggled to shoot a one-over-par 71 in Thursday's first round of the PGA Championship. The 25-year-old American, who has...

Who Will Be Taking Over Stephanie McMahon’s Role In WWE?

As we reported earlier today here on eWn, WWE's Chief Brand Officer Stephanie McMahon will be taking a leave of absence...

James Metcalf’s big chance – Boxing News

Kerman Lejarraga is hard to beat in Bilbao ... but it can be done. James Metcalf takes him on this Friday JAMES METCALF...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Frustrated Scheffler glad he’s only six back

Top-ranked Masters champion Scottie Scheffler struggled to shoot a one-over-par 71 in Thursday's first round of the PGA Championship. The 25-year-old American, who has...

Who Will Be Taking Over Stephanie McMahon’s Role In WWE?

As we reported earlier today here on eWn, WWE's Chief Brand Officer Stephanie McMahon will be taking a leave of absence...

James Metcalf’s big chance – Boxing News

Kerman Lejarraga is hard to beat in Bilbao ... but it can be done. James Metcalf takes him on this Friday JAMES METCALF...

Breaking down which positions groups are better or worse for Cowboys

While they are nothing but helmets and shorts practices, the Dallas Cowboys are getting their first look at the full roster...

Recent Comments