Tanya Abrosimova
Independent Analyst
Breaking: BTC/USD jumps above $11,500 on FED's Powell comments
The first digital currency shot to $11,600 in a matter of minutes as Federal Reserve Chairman Jerome Powell delivered his annual monetary policy speech during the 'Virtual' Jackson Hole symposium this morning. He announced a major policy shift, which implies that the central bank will be ready to tolerate periods of higher inflation. Basically, it means that the rates will be kept low for longer even if the prices start to increase.
The cryptocurrency community seems to have waited for the signal from Powell to start buying Bitcoin. BTC is often regarded as an anti-inflation instrument and a safe-haven during turmoils accompanied by growing prices and fiat currencies devaluations.
At the time of writing, BTC/USD is changing hands at $11,490, down from the intraday high of $11,592. If the price manages to settle above $11,500 by the end of the day, the upside momentum may gain traction with the next focus on $11,800 and $12,000. However, a failure to maintain the bullish momentum will push the price back inside the recent rabe with the local support at $11,300.
BTC/USD 30-min chart
-637341324887546107.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.
Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570
Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million.
Bitcoin Weekly Forecast: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.
XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa
Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in.