11 hours ago
Bitcoin (BTC) spiked to two-week highs connected March 20 amid rumors that the US authorities was preparing a “major update” to its crypto policy.
BTC/USD 4-hour chart. Source: Cointelegraph/TradingView
Fed’s Powell injects alleviation into stocks, crypto
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching astir $87,500 connected Bitstamp.
Currently consolidating adjacent $86,000, Bitcoin benefitted from a reasonably chill Federal Reserve gathering the time anterior successful which officials opted to clasp involvement rates astatine existent levels.
Policymakers confirmed that they envisage 2 cuts by the extremity of 2025, with Fed Chair Jerome Powell describing ostentation arsenic having “eased significantly.”
“We bash not request to beryllium successful a hurry to set our argumentation stance, and we are good positioned to hold for greater clarity,” helium said successful an opening statement earlier a property league that followed the rates decision.
A “wait-and-see” attack was capable to relieve troubled hazard assets, with Bitcoin joining US stocks successful surging and finishing the time higher. The S&P 500 ended up by astir 1% for the March 20 session, adding $500 cardinal successful marketplace cap.
Reacting, Arthur Hayes, erstwhile CEO of crypto speech BitMEX, suggested that the Fed had delivered a cardinal signal for traders to adhd risk.
“JAYPOW delivered, QT fundamentally implicit Apr 1. The adjacent happening we request to get bulled up for realz is either SLR exemption and oregon a restart of QE,” helium wrote successful a diagnostic X post, referring to officials rotating from quantitative tightening to quantitative easing.
“Was $BTC $77k the bottom, prob. But stonks prob person much symptom near to afloat person Jay to squad Trump truthful enactment nimble and cashed up.”
S&P 500 1-day chart. Source: Cointelegraph/TradingView
Bitcoin traders oculus US crypto announcement
Bitcoin traders nevertheless cared much astir a imaginable alteration successful US crypto posturing arsenic whispers suggested that an announcement could travel connected March 21.
Related: Bitcoin futures 'deleveraging' wipes $10B unfastened involvement successful 2 weeks
“This would beryllium his archetypal large update since March 6th, erstwhile the nationalist crypto reserve was established,” trading assets The Kobeissi Letter summarized successful an X station connected the topic.
“Rumors authorities President Trump whitethorn beryllium making a important alteration to his strategy.”When Trump signed an enforcement bid to make a Strategic Bitcoin Reserve earlier this month, markets stayed amazingly cool arsenic it emerged that the program would not needfully impact the US buying BTC.
However, with the latest regular adjacent above key absorption inclination lines, origin for optimism was rapidly returning.
“Bitcoin lone needs to rally an further +8% to presumption itself for a reclaim of the Range supra and extremity this downside deviation,” fashionable trader and expert Rekt Capital reported.
“Is that a lot, considering BTC is up astir +13% since past week's lows?”
BTC/USD 1-week chart. Source: Rekt Capital/X
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