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Home»Bitcoin»Bitcoin rushes past $65,000 as Powell hints at a policy change: next stop $70,000?
Bitcoin

Bitcoin rushes past $65,000 as Powell hints at a policy change: next stop $70,000?

2024-03-23No Comments3 Mins Read
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  • Fed Chairman Jerome Powell hints at interest rate cuts, which will fuel Bitcoin’s rise.
  • Anthony Pompliano dismisses Bitcoin’s volatility and highlights its resilience and growth potential.

In the wake of a dynamic rise in the cryptocurrency market, Bitcoin [BTC] has risen again and regained the valued threshold of $65,000 on the major spot exchanges. This rebound quickly followed Fed Chairman Jerome Powell’s statement that interest rates have peaked, with possible cuts on the horizon.

Powell’s comments, highlighting the Fed’s willingness to adjust policy in response to economic signals, have fueled investor enthusiasm, sending BTC’s value to record highs.

Fed chairman signals policy change

In response to the Federal Open Market Committee’s (FOMC) fourth consecutive decision to keep interest rates on hold on March 20: Jerome Powellthe chairman of the Federal Reserve noted:

“We believe that our policy rate is likely at its peak for this tightening cycle and that if the economy develops broadly as expected, it will likely be appropriate to start easing policy moderation sometime this year.”

He added:

“We are prepared to maintain the current target for the federal funds rate for longer, if necessary.”

Powell emphasized that the future trajectory of interest rates depends on upcoming economic data. Nevertheless, he made it clear that he does not expect interest rate cuts to return to ultra-low levels. Lower interest rates tend to favor risky assets like Bitcoin, which explains the recent price surge.

However, BTC briefly fell to around $60,900 on concerns about significant outflows from Bitcoin Exchange Traded Funds (ETFs).

See also  Bitcoin price rises 12% in 7 days as $50,000 forecasts gain momentum

Market participants were also wary of the Fed’s stance on future rate cuts. Some traders hedged their positions, anticipating a potentially more aggressive tone from Powell. However, with the prospects for rate cuts appearing stable, BTC has soared to new highs.

Resilience amid volatility

Seeing this sudden volatility in the price of Bitcoin Anthony Pompliano, founder of Pomp Investments, has dismissed the concerns, calling it “a setback for ants.” Speaking on Bloomberg, Pompliano provided insight into Bitcoin’s resilience, citing historical data. He emphasized,

“Historically, we have seen multiple 30% declines during bull markets, so the current 15% price decline is small by comparison.”

Pompliano highlighted Bitcoin’s 60% annual growth rate and noted price crashes following the spot ETF approval. He discussed the gambling-like trading of meme coins and MicroStrategy’s BTC stock in venture capital markets.

In summary, Pompliano highlights Bitcoin’s resilience amid volatility, with an emphasis on long-term growth. However, the sustainability of Bitcoin’s recovery remains uncertain given its 11% decline from all-time highs.

Previous: BONK Prices Drop 29% in 7 Days: Time to Update Forecasts?

Next: North Korea: Crypto Hacks Fuel 50% of Country’s Foreign Funds, Claims Report



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