Bitcoin Jumps 11% as Fed Commits Infinite Quantitative Easing

Bitcoin surged by almost 11 percent minutes after the US central bank committed to unlimited purchasing of US Treasuries mortgage-backed securities to help its struggling economy amidst Coronavirus pandemic.

“The Federal Reserve is committed to using its full range of tools to support households, businesses, and the US economy overall in this challenging time,” the bank said in a statement. “While great uncertainty remains, it has become clear that our economy will face severe disruptions.

“Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.”

The announcement sent bitcoin towards its new intraday high at $6,641. It also left traditional markets in a positive area, with the benchmark S&P 500 index climbing by almost 7.8 percent in just 23 minutes. Safe-haven asset Gold, meanwhile, surged by up to 1.69 percent.

Elsewhere in the cryptocurrency market, almost…