Bitcoin Reclaims $30,000 After Fed Keeps Policy Steady; What’s Next?

OBy3PAu0 980x568

Bitcoin prices reclaimed $30,000, a psychological support level, hours after slipping below it during the New York session Wednesday as investors assessed Jerome Powell’s decision to keep the Federal Reserve’s dovish policies steady. The US central bank chief asserted that his office would hold the benchmark interest rates near zero while purchasing government and corporate bonds at a rate of $120 billion per month. He noted that their expansionary policies would stay firm until the US economy achieves maximum employment and inflation above 2 percent. “The [coronavirus] pandemic still provides considerable downside risks to the economy,” Mr. Powell stressed. Bitcoin recovers back above $30,000. Source: BTCUSD on Bitcoin climbed to an intraday high of $31,880 after Mr. Powell’s comments, only to pare a small portion of those gains while entering the early Asian session Thursday. The benchmark cryptocurrency was trading near $31,500 at the time of this writing on…

Read the original article here