- 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.
0 Comments
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.
No time to read? Crypto articles too technical? Only want the facts?