CRYPTO NEWS - Slow and Difficult Crypto Market - Bitcoin Price Around $29000
CRYPTO NEWS - Slow and Difficult Crypto Market - Bitcoin Price Around $29000
00:01 Intro
01:12 Crypto News Today
02:08 Bitcoin News
03:21 Ethereum News
04:11 Bitcoin Technical Analysys
05:03 Bitcoin Price Prediction
10:42 Outro
Bitcoin (BTC) temporarily lost, then recovered above, the $29,000 support level in European hours on Thursday, setting the tone for other major cryptocurrencies, data showed.
The price dip followed a relatively positive market response to Wednesday's release of minutes of the U.S. Federal Reserve meeting held on May 3-4. The S&P 500 added nearly 1% and the tech-heavy Nasdaq ended the day 1.91% higher. In Europe, the Stoxx 600 and Germany’s DAX both gained about 0.4% on Thursday.
The minutes showed the agency was willing to be flexible on plans to increase rates and tighten monetary policy. Previously, Chair Jerome Powell said the Fed it would take an “aggressive” stance – which traders feared would lead to inflation.
The Fed raised the official U.S. interest rate by half a percentage point earlier in May. It plans to reduce the size of its balance sheet by $47.5 billion a month for three months and up to $95 billion a month starting in September, as previously reported.
“Inflation is much too high and we understand the hardship it is causing,” Powell said at the time. “We’re moving expeditiously to bring it back down.” At the time, the comments contributed to a fall in broader markets and spread to crypto.
U.S. inflation has surged to its highest in four decades and is closely tracked by bitcoin traders because the asset seen by many as a hedge against rising consumer prices.
Bitcoin, however, remains bearish. It has lost value for each of the the past eight weeks – a first in its history – while futures and options data indicate traders are positioning for a further drop.
An indicator tracking portfolio hedge reached a 12-month high this week, while yields on a popular trade involving bitcoin and ether (ETH) fell to lows.
00:01 Intro
01:12 Crypto News Today
02:08 Bitcoin News
03:21 Ethereum News
04:11 Bitcoin Technical Analysys
05:03 Bitcoin Price Prediction
10:42 Outro
Bitcoin (BTC) temporarily lost, then recovered above, the $29,000 support level in European hours on Thursday, setting the tone for other major cryptocurrencies, data showed.
The price dip followed a relatively positive market response to Wednesday's release of minutes of the U.S. Federal Reserve meeting held on May 3-4. The S&P 500 added nearly 1% and the tech-heavy Nasdaq ended the day 1.91% higher. In Europe, the Stoxx 600 and Germany’s DAX both gained about 0.4% on Thursday.
The minutes showed the agency was willing to be flexible on plans to increase rates and tighten monetary policy. Previously, Chair Jerome Powell said the Fed it would take an “aggressive” stance – which traders feared would lead to inflation.
The Fed raised the official U.S. interest rate by half a percentage point earlier in May. It plans to reduce the size of its balance sheet by $47.5 billion a month for three months and up to $95 billion a month starting in September, as previously reported.
“Inflation is much too high and we understand the hardship it is causing,” Powell said at the time. “We’re moving expeditiously to bring it back down.” At the time, the comments contributed to a fall in broader markets and spread to crypto.
U.S. inflation has surged to its highest in four decades and is closely tracked by bitcoin traders because the asset seen by many as a hedge against rising consumer prices.
Bitcoin, however, remains bearish. It has lost value for each of the the past eight weeks – a first in its history – while futures and options data indicate traders are positioning for a further drop.
An indicator tracking portfolio hedge reached a 12-month high this week, while yields on a popular trade involving bitcoin and ether (ETH) fell to lows.
