RATE Group | Bitcoin Reverses Losses After Fed Makes Unprecedented Move
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Bitcoin Reverses Losses After Fed Makes Unprecedented Move

23 Mar Bitcoin Reverses Losses After Fed Makes Unprecedented Move

Posted at 13:34h in Bitcoin News by

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Bitcoin Reverses Losses After Fed Makes Unprecedented Move 101
Source: Adobe/PixieMe

Bitcoin (BTC), major altcoins reversed losses today after the U.S. Federal Reserve (Fed) announced unprecedented measures to support the economy.

At pixel time (12:54 PM UTC), BTC trades at c. USD 6,207, jumping around 5% in less than an hour. The price is up 2% in a day and 29% in a week. U.S. equity futures also reversed a decline, Treasuries extended an advance, oil jumped after the Fed pledged asset purchases with no limit to support markets.

“We are now in [quantitive easing] infinity, again,” Peter Boockvar, chief investment officer at Bleakley Advisory Group, said in a note, as reported by CNBC.

The Fed announced the following actions:

  • Support for critical market functioning. The Federal Open Market Committee (FOMC) will purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy. The…

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