After Ripple’s legal victory, Bitcoin eyes 30 thousand dollars, XRP price increased by 6%.
Bitcoin (BTC) surpassed $29,500 on October 20, boosting BTC's 24 hours, while XRP's price jumped over $0.50 in response to Ripple's big legal victory.
The hawkish Fed's Powell failed to lower the price of BTC
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it neared two-month highs since the start of the week.
The largest cryptocurrency appeared to feed the events surrounding the speech of the chairman of the United States Federal Reserve, Jerome Powell, the day before.
Amid the US bond attack, Powell was under pressure to deliver appropriate rhetoric, and analysts predicted a “very dovish” tone would prevail. At the event, whose speech was briefly interrupted by protesters, Powell came across as deeply conservative in his views.
“The policy stance is restrictive, meaning tight policy is putting downward pressure on economic activity and inflation,” he said of interest rates.
“Given the rapid pace of consolidation, there may still be meaningful tightening in the pipeline.”
Powell said the Fed acknowledged the potential problems with hiking rates too far.
“Doing too little requires monetary policy to keep inflation more entrenched than planned, and ultimately persistent inflation, to remove the high cost of labor from the economy. Doing too much can also cause unnecessary damage to the economy,” he continued.
“Certainties and concerns and how far we've come, the committee is proceeding cautiously.”
Data from CME Group's FedWatch Tool showed changes in market expectations for future rate decisions.
At its next meeting on November 1, the Federal Open Market Committee (FOMC) is unanimously expected to hold rates at current levels based on data from CME Group's FedWatch Tool. Before Powell, the odds stood at 88 percent.
Following the speech, news broke that US regulators had dropped criminal charges against the executives of blockchain company Ripple.
XRP prices responded immediately, trading up more than 6% in 24 hours at the time of writing.
The trader suggests that the Bitcoin “impulse” is here
Amid rising expectations for the approval of a US bitcoin spot exchange-traded fund (ETF), bitcoin gained momentum overnight.
RELATED: Bitcoin Gauges ‘Enhance Bullish Chances' As BTC Price Holds 200-Week Trendline
At the time of writing, the day's high stood at $29,689 — just $200 off the peak of the sudden volatility wick seen on October 17.
$BTC has been launched.
Keeping it as simple as possible:
In the same way 26.8k was the starting point of our last push, 28.6k is now the current starting point. Beyond that, we go at a much higher speed.
Drop below 28.6k and local growth breaks and we can get a little… pic.twitter.com/CbhLBo133G
— CrediBULL Crypto (@CredibleCrypto) October 20, 2023
“Bitcoin is filling the wick, slowly but surely. Let's go for that $30K,” noted trader Jelle wrote on XAnalyst that day, previously arguing that Bitcoin was “eager to fill” the October 17 weekly.
“Today is a very interesting day for trading…with a lot of liquidity, you have reached exactly $29,400,” Crip Nuevo continued.
In various X posts, CrypNuevo has uploaded liquidity data from the past few days, warning that long positions are outnumbered four to one. He suggested that Bitcoin could pull back during the US trading session.
$BTC
Liquid levels and liquid temperature maps.
Quick Thoughts: All of our liquidity levels from yesterday's upside were hit.-Delta long liquidity at $15B (moderately high volume and enough to retrace coming soon). – Current long short positions… picture. twitter.com/dAqbRbaimc
— CrypNuevo (@CrypNuevo) October 20, 2023
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
