RATE Group | Bitcoin Jumps to 3-Week High Above $8,600 as Fed Plans New Round of Reserve Increases
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Bitcoin Jumps to 3-Week High Above $8,600 as Fed Plans New Round of Reserve Increases

09 Oct Bitcoin Jumps to 3-Week High Above $8,600 as Fed Plans New Round of Reserve Increases

Posted at 19:37h in Bitcoin News by

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  • The Fed’s decision to expand its balance sheet is seen as a long-term positive development for bitcoin by crypto market experts.
  • Short-term technical charts has signaled a bullish move to the 200-day moving average, currently just above $8,600.
  • Speculation that SEC might approve ETF application by Bitwise is fueling optimism that more investors could allocate funds to the cryptocurrency.

Bitcoin (BTC) jumped 5.9 percent on Wednesday to the highest price in three weeks, after the Federal Reserve (Fed) said it would print money to expand the size of bank reserves – seen as a move by the U.S. central bank that could spark inflation.

The top cryptocurrency surged to $8,649.13 as of 18:22 UTC time (2:22 p.m. New York time), according to CoinDesk’s Bitcoin Price Index.

Bitcoin suffered a steep drop in late September, tumbling from above $10,000, a move analysts attributed to big margin calls on the Bitmex exchange and disappointment over the debut of a new…

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