Bitcoin Expects to Resume Price Rally on Foggy FOMC Minutes
Bitcoin has rallied incredibly higher amid the ultralow interest rates and infinite bond-buying atmosphere. It left shareholders with no option but to seek options in riskier safe-havens such as Bitcoin.
Published at Thu, 26 Nov 2020 08:38:05 +0000
The benchmark cryptocurrency fell by almost $1,000 in the late New York trading session, after up to an extraordinary price rally which saw it almost doubling its value in only seven weeks. Many traders agreed that BTC/USD merely neutralized its overbought sentiments with a dip, adding that the pair would resume its rally.
Some agreed that the Federal Reserve must continue buying government and corporate debts at the current pace. Simultaneously, many preferred”the Committee might want to boost its guidance for asset purchases fairly soon,” hinting the central bank might change strategies according to the economic conditions at that time.
FOMC minutes crossed the wire, but it sparked little instant movements across the standard and Bitcoin markets. It was partially because the Fed officials discussed their asset purchase programs’ leadership instead of coming with a definite strategy.
That raised uncertainties about whether the Fed will modify its policies in the December meeting. Nevertheless, the bank’s officials claimed that they would stay accommodative until their strategies heal the labor market and reach more than 2 percent inflation.