Monday, October 25

Why Bitcoin and Altcoin Prices Have Increased?

After a sharp decline, the reasons for the increase in Bitcoin and altcoin prices were revealed. Especially what affected the statements of the companies and the rich of the world.

Bitcoin and altcoin prices saw a major correction on the second day of the week. Crypto money prices, most of which fell above 20%, started to rise after the news that came throughout the day yesterday. The total value of the cryptocurrency market is again above $ 1.5 trillion.

Bitcoin price, which dropped to $ 45,000 yesterday, has risen to over $ 50,000 again. The crypto money market, which shrank $ 300 billion in a day, has reached the levels before the decline. It may be possible to explain this recovery with several different developments.

Why Bitcoin and Altcoin Prices Have Increased 1

The dollar weakened; Bitcoin and gold continue to rise

  • The recovery process is not over yet: The Fed Chairman announced on Tuesday that the American economy is still not fully recovering. “We are far from the end point in economic recovery. The road ahead is full of uncertainty. ” found in the description.
  • Bond yields started to decline: Ten-year Treasury bonds in the US started to rise at the beginning of the week. Meanwhile, there was a decline in bitcoin and gold prices. Powell’s statements on the recovery resulted in lower bond yields.
  • Bitcoin and gold prices rose: Bitcoin and gold prices started to rise after Powell’s announcement. “Gold is still open,” said Stephen Innes, Axi’s global markets strategist, after Powell’s statements. made his comment.

Statement on the digital dollar

  • Digital dollars are prioritized: The Federal Reserve announced last year that it was taking action to develop its own digital central bank coin (CBDC). Powell emphasized that this is a “high priority project”.
  • No clear decision has been taken: Powell said they are actively considering the idea of ​​the digital dollar but have not yet reached a clear decision. It was reported that the opinions of both the public and private sector would be taken for this. “We don’t need to be the first country to issue its own digital currency. But we have to do this job properly. ” said.

Bitfinex and Tether case concluded

The lawsuit was compromised: The Bitfinex and Tether investigation, which had been going on for two and a half years, resulted in a compromise. It has been announced that Tether is not manipulating the cryptocurrency market. However, the New York Attorney General concluded that Tether “does not support one-to-one” some of the USDTs it produced in the past. For this, Bitfinex and Tether were banned from operating in New York, and the pair were fined $ 18.5 million. Bitfinex and Tether’s side saw this as a victory and said, “This case is now behind.” used the expression.

Why Bitcoin and Altcoin Prices Have Increased 2

Square announces growing its bitcoin reserve

  • The fourth quarter report has been published: Square, the company of Twitter CEO Jack Dorsey, has grown its bitcoin reserve in the last quarter of last year. In this direction, another $ 170 million bitcoin was purchased. Another 3,318 bitcoins have been added to the company’s reserve.
  • “It gives people power”: Square also included its views on Bitcoin in its quarterly review. It was stated that Bitcoin “gives people economic power”. Jack Dorsey gave the message during the conference that “they can buy more bitcoins”.

Support message from the great investor

  • “A healthy correction”: ARK Invest CEO Cathie Wood said that no market can be in a “constantly uptrend”. Speaking to Bloomberg yesterday, Wood described the drop in bitcoin price as a “healthy correction”, stating that his views on the market are still positive.
  • “It cannot be spent; accumulates ”: Michael Saylor, CEO of MicroStrategy, told CNBC yesterday that Bitcoin would be a reasonable investment choice in the long run. Saylor, who says that Bitcoin is not a currency, but “digital gold”; “If you want to save ten years, buy Bitcoin and wait ten years.” said.