Markets have received stimulation signal from Fed Reserve chairman, making analysts bullish on crypto
On Wednesday, US Federal Reserve chief Jerome Powell announced that smaller rate hikes are likely to start from December, giving markets hope.
Interest rates hikes to start going down
Cryptocurrencies responded by beginning to grow even before the speech of Powell as Bitcoin regained the $17,000 level and Ethereum went back above the $1,300 price line.
This year, the Fed is demonstrating an aggressive policy, raising interest rates several times since March and pushing them to record highs since the mortgage market crisis in 2008. These rate hikes have been a major reason for the comeback of bitcoin and other cryptocurrencies. Price this year and even this week.
The analytics team at Santiment data aggregator stated that equities and cryptocurrencies responded to Powell’s speech by going up, and the analysts believe that a strong bullish support has now formed.
David Gochstein Stands by Bitcoin at $250,000
As reported by U.TODAY earlier this week, David Gochstein, founder of Gochstein Media and former US congressional candidate, tweeted that he does not expect bitcoin to reach $1 million, as several news articles suggested. Recent claims.
Instead, he expects the flagship cryptocurrency to reach a “modest” $250,000, and that would do for him.
Gokhshtein previously tweeted that he holds significant amounts of bitcoin and ethereum, as well as XRP, DOGE, and Shiba Inu tokens.
