On October 20, Bitcoin (BTC) crossed the $29,500 mark, while XRP’s (XRP) price surged above $0.50 due to Ripple’s legal victory. This eventful 24-hour period also saw the price of other cryptos such as 1INCH, BAT, ANKR, ALGO, ATOM, and AMP increase significantly.
Hawkish Fed’s Powell fails to dent BTC price
Cointelegraph Markets Pro and TradingView data tracked BTC/USD as it moved closer to two-month highs this week.
The top cryptocurrency seemed to be influenced by the speech of Jerome Powell, chair of the United States Federal Reserve, the day prior.
As the U.S. bond market experienced turbulence, Powell was expected to deliver a “very dovish” statement. In the end, he was cautious in his outlook.
“The stance of policy is restrictive, meaning that tight policy is putting downward pressure on economic activity and inflation,” he said about interest rate hikes.
Powell emphasized that the Fed is aware of the potential risks of raising rates too much.
“Doing too little could allow above-target inflation to become entrenched and ultimately require monetary policy to wring more persistent inflation from the economy at a high cost to employment. Doing too much could also do unnecessary harm to the economy,” he continued.
CME Group’s FedWatch Tool showed a change in market expectations when it comes to future rate decisions.
At its next meeting on Nov. 1, the Federal Open Market Committee (FOMC) is now unanimously thought to hold rates at their current levels, according to data from CME Group’s FedWatch Tool. Before Powell, the odds stood at 88%.
Shortly after the speech, news broke that U.S. regulators had dropped criminal charges against executives of blockchain firm Ripple, and the price of XRP immediately responded, trading up over 6% in 24 hours at the time of writing.
Trader suggests Bitcoin “impulse” is here
As the US Bitcoin spot price exchange-traded fund (ETF) approval looms, Bitcoin gained traction overnight. At the time of writing, the day’s highs stood at $29,689 — just $200 from the top of a snap volatility wick seen on Oct. 17.
Jelle, a popular trader, commented in an X analysis that Bitcoin looks “eager to fill” the Oct. 17 wick, adding that “Let’s go for that $30k tap”. CrypNuevo, another trader, shared liquidation data from the past days, illustrating that long positions outnumbered shorts four to one.
He warned that Bitcoin could retrace during the US trading session, suggesting that it is a very interesting day for trading since they have hit exactly $29400 where there were many liquidations.
The current market sentiment suggests that the inch, bat, ankr, algo, atom, amp and ach crypto today could be affected by the ai in today and ai feed.
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