Bitcoin Near $16,000 after Powell Keeps Rates Low, Commits Infinite-QE

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The price of a single Bitcoin [almost] reached $16,000 as traders assessed a combination of supportive macro catalysts. One of them was the Federal Open Market Committee’s (FOMC) November meeting. On Thursday, the Federal Reserve Chairman Jerome Powell reiterated that the worsening coronavirus pandemic poses extreme risks for the US economy. He also expressed concerns about the exhaustion in American households’ savings after the dissolution of earlier stimulus relief measures. Mr. Powell pledged to keep supporting the economy by maintaining benchmark interest rates near zero for at least three years. Meanwhile, he also proposed to make upward adjustments in the Fed’s asset purchasing program. The bank currently buys $120 billion worth of Treasury and mortgage-backed securities. Dollar Dips The statements stressed the US dollar. On Thursday, the greenback fell 0.94 percent as talks of more central bank spending threatened to hurt its purchasing power. Its dip prompted investors to seek…

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