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Bitcoin Buying On Fed Dovish Stance Leads To Gains In The Oldest Crypto

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The global crypto market cap is $2.10T, a 4.71% increase over the last day. Also, the crypto market volume over the 1-day period is $103.74 billion, i.e. an almost 4.3 percent decrease.

 

After the Jerome Powell's speech provided for that the central bank would begin to taper asset purchases later this year as inflation is seen to transient. So, now as the fears of a likely Fed tapering in the near term have cooled off, there have been witnessed gains in the cryptocurrencies across the board of up to 13%, as seen in the case of Cardano.

Bitcoin Buying On Fed Dovish Stance Leads To Gains In The Oldest Crypto

Certain crypto analysts see tapering as an issue for bitcoin speculation as quantitative easing is thought to give investors the liquidity to invest in riskier assets," Jonas Luethy, a trader at the U.K.-based digital asset broker GlobalBlock, wrote in an email to CoinDesk.

"This summer's main event for stimulus expectations is over, and risky assets are rallying after Powell delivered a dovish taper," Edward Moya, an analyst at foreign exchange broker Oanda, wrote in an email to CoinDesk.

Notably after seeing some profit booking mid-week, there has been seen buying towards the end of the week. Bitcoin last at around 11:43 am traded with gains of over 3.2% at above $48,768 per BTC.

Read more about: bitcoin cryptocurrency
Story first published: Saturday, August 28, 2021, 11:50 [IST]
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