Fed announces Tap to accelerate crypto market rebound

Bitcoin rebounded above $ 49,000 after the Fed announced a rapid cut. Bitcoin prices stabilized after a few weeks of low volume.

Marlet

Bitcoin, the No.1 cryptocurrency by market cap, rose more than US $ 49,000 on Wednesday after officials at the US Federal Reserve approved a central bank plan to speed up the pullback of shares. Supportive measures have been used to respond to new pathogens.

Cryptocurrencies and the market have consistently risen after the news, as the central bank's decision leaves investors uncertain. Fed bankers have announced plans to raise interest rates at least three times next year to counter current inflation.

The entire crypto industry is watching the Fed's move closely, as many believe that strict financial regulation is often bad for assets, including cryptocurrencies. The value of Bitcoin and other cryptocurrencies has plummeted in recent weeks as traders worried about reforming the Fed's hawkish policy. As CoinDesk reported, the price rose further after Wednesday's announcement of "recovery from incredible turmoil".

Bitcoin's trading volume on the main medium of exchange increased slightly on Wednesday compared to the previous day. The value of other major cryptocurrencies has increased. Ether fell below $ 3,700 earlier this week before surpassing $ 4,000.

To analyse

Bitcoin held support near $ 46,000 and attempted to reverse in the short term. However, there is still a limit at the resistance level of $ 52,000, which is half of the 20% sell at the start of the month.

The Daily Relative Energy Index (RSI) posted the biggest drop since May 20, before the rate rebounded. Volatility also stabilizes after a few weeks of low volume.

The situation at the price of the weekly report is no better as the progress seems slow. So far, this indicates that short-term buyers may hit over US $ 50,000 to US $ 55,000.

business discussions

“Today Chris Dixon and I told the a16z cryptocurrency team that they will be launching their own investment in cryptocurrency and Web 3 early next year… The current money will be the last money I will be responsible for supporting the business. Chris and I started our first cryptocurrency in 2018, looks like the moon landed on a trial run. "The growth has exceeded our expectations. It is true that the Web 3 will replace the Internet. "

- Katie Hahn, partner of 16z

"Yes, yes ... it's good that the United States Securities and Exchange Commission (SEC) has approved a futures exchange. As a starting price."

(Paul Grewal, Lawyer, Coinbase)

"Tesla will be making items available for purchase with Doge and we'll see how that goes."

- Elon Musk