“Bitcoin (BTC) bounces back with a vengeance, soaring 12% after a dramatic FOMC meeting. Is this the beginning of a triumphant comeback for the cryptocurrency?”
Recent data from Cointelegraph Markets Pro and Trading View has revealed a promising trend in BTC’s price following the US Federal Reserve’s decision to maintain interest rates at their current levels.
After much anticipation, the Federal Open Market Committee (FOMC) meeting concluded with an intriguing announcement from Fed Chair Jerome Powell. He hinted at potential rate cuts in the future, stating that it would be “appropriate” to implement them later in the year.
But that’s not all – the Committee also revealed their cautious approach, stating that they would only consider reducing the target range once they were confident that inflation was steadily moving towards the desired 2%.
The world of cryptocurrency was in for a wild ride as Bitcoin (BTC) defied all odds and soared to $68,000, leaving behind its struggles at the $60,000 support level. But as the digital currency triumphed, short-term investors were left reeling from the unexpected surge.
According to CoinGlass, a whopping $70 million was lost in liquidations of short Bitcoin positions on March 20. However, the withdrawal of funds from spot Bitcoin ETFs did little to shake the market’s confidence.
UK Investment Firm Sees Massive Exodus of $261 Million from ETFs, Blames Grayscale Bitcoin Trust for $386 Million Outflow on March 20th. But Don’t Worry, Other ETFs Still Holding On With Only Small Inflows Compared to Earlier in the Month!
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How will the Cryptocurrency market be affected by FOMC meeting?
Bitcoin (BTC) continues to fall, this is the reason
“Despite facing a third day of outflows, Bitcoin remains unfazed, leaving market analysts in awe of its resilience. The cryptocurrency’s defiance against ETF pressures has not gone unnoticed.
As of this moment, Bitcoin (BTC) is proudly trading at $67,377.51, boasting a staggering 6.86% increase and a 24-hour trading volume of $58.24 billion. With its recent surge, Bitcoin’s total market cap has also soared by 6.84% to an impressive $1.32 trillion.”