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Bitcoin price rises above 6k after Fed decision
Mar 23, 2020 Forex News
The decision of the Central Bank of the United States that it will buy securities secured by mortgage loans to help the economy cope with the crisis positively affected the price of Bitcoin. Since then, Bitcoin has risen in price by 11%. During the day, the price of Bitcoin rose to $6641. In addition to Bitcoin, traditional markets also showed growth. The S&P 500 index rose almost 7.8%, while gold rose 1.69%.
In the cryptocurrency market, all altcoins followed by Bitcoin and showed growth. The price of Ethereum added 2%, XRP 0.8%, Litecoin went up by 4%.
The Fed program has prompted investors to consider Bitcoin as an alternative refuge for capital. Investors would like to buy it as protection against a potentially hyperinflationary market. The huge amount of money that the Fed prints is good for Bitcoin. The more money the Fed will print, the more money investors will invest in Bitcoins. Accordingly, we will observe an increase in the price of Bitcoin.
Interfering in the corporate bond market is an unprecedented decision for the Fed, in other countries central banks have taken similar measures to support liquidity conditions for corporate borrowers. These Fed actions highlight the magnitude of the problems caused by the outbreak of coronavirus.
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All newsDespite the short-term effect of rumors that Amazon was going to accept Bitcoin this year and the subsequent pullback, the BTC/USD pair was able to find support in the area of $36500 and start a new rally. As a result, today the BTC/USD pair was able to rise
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