Crypto News

Bitcoin Surges Past $20,000 Ahead Of FOMC Update

  • Bitcoin surged to an all-time high of $20,000 on Wednesday, which marked an increase of more than 2% after breaching above the previous resistance area between $19,500 and $19,600. 
  • Bitcoin’s climb coincided with a further plunge in the U.S. dollar. The greenback fell 0.30 percent against a basket of foreign currencies in the European morning session, primarily in response to reports that U.S. lawmakers are close to reaching a deal for coronavirus relief package.
  • Bitcoin typically trades inversely to the U.S. dollar due to its anti-fiat narrative. Traders and investors look at the leading cryptocurrency as their hedge against a weakening greenback.
  • The BTC/USD pair remained well supported by the Federal Reserve’s policy meeting update scheduled for release on Wednesday.
  • Money managers are waiting to see how much longer the U.S. central bank plans to continue its current asset-purchasing facilities, and at what pace.
  • The Bitcoin market has grown incredibly faster amid the Fed’s coronavirus-inspired policies, which include near-zero lending rates and unlimited bond-purchasing programs.
  • Read the full story here.

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Matt Borelli

Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.

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