Bitcoin pump above $37.7K by dovish Fed remark
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), are advancing in the last 24-hours, as dovish comments by the Federal Reserve Governor, highlighting the slow pace of economy and inflation, bolstered the prospect of interest rate cut, much earlier than anticipated, lifted investor confidence in risky assets.
BTC made a dash towards $38,000 level after closing higher last week. The world’s largest cryptocurrency is currently trading at $37,894 up 1.6%.
Ether (ETH) continues to trade above psychologically level of $2,000. It was currently offered at $2,050 down 0.8%.
Chris Waller, Fed Governor – the third-most hawkish member of the Federal Open Market Committee (FOMC) – speaking at an event in Washington, D.C. highlighted the moderation in inflation as well as economic pace indicating the policy is in the right spot and continuation of the trend may prompt rate cuts within a few months. That’s positive for risky assets such as crypto.
The positive sentiment sipped into broader markets, lifting the prices of large altcoins and stablecoins as well.
As a result, the global crypto market cap increased 0.8% to $1.42 tn, in the last 24-hours. On the other hand, the total crypto market volume eased 1.1% to $51.3 bn. The total volume in DeFi is currently $4.8 bn and all stablecoins $46.7 bn, representing 9.4% and 91.1% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.9%, up 0.3% over the day.
IC15 index, the barometer of top fifteen tokens, surged 1.2% to 47,604.
Meanwhile, traditional markets are also taking note, with the 10-year Treasury yield down four basis points to 4.35%, the dollar index lower by 0.4% and gold ahead 1.3% to $2,038 per ounce.
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