RATE Group | Why Bitcoin Hit $8k Ahead of FOMC Update, Wiping Out Coronavirus Losses
86997
post-template-default,single,single-post,postid-86997,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Why Bitcoin Hit $8k Ahead of FOMC Update, Wiping Out Coronavirus Losses

29 Apr Why Bitcoin Hit $8k Ahead of FOMC Update, Wiping Out Coronavirus Losses

Posted at 13:30h in Cryptocurrency News by

  • Bitcoin closed above $8,000 this Wednesday, wiping all its Coronavirus-induced losses from mid-March.
  • The cryptocurrency’s move uphill came ahead of Jerome Powell’s press conference at 1430 ET today.
  • The Federal Reserve chairman is likely to discuss strategies to tame the contracting economy, with investors expecting him to keep the interest rates lower.

Bitcoin jumped above $8,000 for the first time in almost two months as investors braced for the Federal Reserve’s views on the health of the U.S. economy.

The bitcoin-to-dollar exchanged surged 5.52 percent to top at $8,180 on BitMEX, resuming its uptrend a day after correcting modestly. The pair’s move uphill wiped all the losses incurred on Black Thursday, an event on March 12 that crashed prices by more than 50 percent.

bitcoin, cryptocurrency, FOMC, BTCUSD

BTCUSD is trading above the pre-Black Thursday levels following its move above $8,000 | Source: TradingView, BitMEX

The latest hope over the slowing spread of the novel coronavirus pandemic and a decision by…

Source link

Tags:
, , , , , , , ,