Bitcoin Price Skyrocket as Market Bet on Trump’s Crypto Update on March 20th. It was detected in the crypto market, as many traders speculate about Trump’s crypto policy update.
Under the presidency of the U.S. Donald Trump, Digital assets have been known to have high market value in the Money market, especially Bitcoin. Undoubtedly, Bitcoin has benefited a lot from the reserve policy. Information obtained from Cointelegraph, tells that BTC/USD reached nearly $87,500 on Bitstamp.
Chair Jerome’s Speech
American investment banker and lawyer, Fed Chair Jerome Powell made a speech in an opening statement at a press conference.
“We do not need to be in a hurry to adjust our policy stance, and we are well positioned to wait for greater clarity,”
The Chair of the Federal Reserve of the United States said. In his statement went on clarifying the public that the Federal Reserve is not keen on changing interest rates. Interest rates that are based on tariff-related any time soon. Interests with lower rates are prone to benefit riskier assets, like crypto.
However, Powell’s statement has left crypto traders in no man’s land leading to further volatility in the market. The crypto market is stuck amidst independent volatility and the realistic response of the market to traditional financial systems.
Nevertheless, as the Federal Reserve attempts to manage an unpredictable economic landscape, the crypto landscape may face further rumbling. The crypto fraternity waits for further updates, which could spell out how inflation will play out in the months ahead.
Bitcoin Maintains A Bullish Market
The statement of Fed Chair Jerome Powell indeed caused a great shake in the market. However, Bitcoin the Great maintained a bullish stand. Investors bet that if the buying pressure remains high, Bitcoin will definitely soar higher to the $87,500 range. Certain trading ranges must be met while waiting, Bitcoin must maintain a bullish stand else it will fall near the $85,000 range.
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