Bitcoin
Bitcoin
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The price of bitcoin surged to $65,000 per bitcoin after Fed Chairman Powell signaled that an interest rate cut was almost certain in September, creating a “golden opportunity.”
As bitcoin’s price stagnates around $60,000 and a rival cryptocurrency suffers a massive crash, analysts are betting that a fresh injection of liquidity from the Fed will put the bitcoin and cryptocurrency markets on the “brink” of a major move.
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US Federal Reserve Chairman Jerome Powell has prepared the price of bitcoin and the cryptocurrency market for a … (+)
“We believe any declines in stocks (and cryptocurrencies) will be short-lived,” analysts at Singapore-based bitcoin and cryptocurrency investment firm QCP Capital wrote in a note.
“With Powell and the Fed poised to launch a rate-cutting cycle, the increase in liquidity will eventually push risk assets higher. We are finally on the cusp of a rate-cutting cycle.”
Last week, Fed Chairman Powell’s speech at the annual central bankers’ economic symposium in Jackson Hole, Wyoming, struck a dovish tone and hinted at a September interest rate cut.
“The time has come for policy to adjust,” Powell said, adding that the timing and pace of rate cuts would depend on the data.
Earlier in the week, minutes from the Federal Open Market Committee (FOMC)’s July meeting showed policymakers were more dovish than expected, suggesting they are prepared for rates to start falling after hitting 23-year highs at a historic pace under the Biden administration.
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The price of bitcoin has been rising over the past year, but has recently lost momentum, with bitcoin … (+)
“Central banks, including the Federal Reserve, are adopting accommodative stances, with rate cuts expected soon,” Shubh Varma, managing director of Hyblock Capital, said in emailed comments.
“Liquidity cycles are increasing globally, suggesting a supportive backdrop for risk assets, including cryptocurrencies. The dovish sentiment from the Jackson Hole symposium further bolstered this outlook, as evidenced by substantial inflows into bitcoin cash exchange-traded funds (ETFs), with net inflows of $252 million reported on Friday alone.”
Bitcoin’s price rally so far this year has been boosted by the long-awaited arrival of a fleet of spot Bitcoin ETFs on Wall Street.
BlackRock and Fidelity’s Bitcoin ETFs have become among the fastest-growing ETFs of all time since their debut in January.
