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Bitcoin Pops and Drops After Powell Introduces Average Inflation Targeting
Bitcoin whipsawed on Thursday after the Federal Reserve’s chairman signaled tolerance for high inflation, as expected.
Updated Sep 14, 2021, 9:48 a.m. Published Aug 27, 2020, 2:22 p.m.
Bitcoin whipsawed on Thursday after the Federal Reserve’s chairman signaled tolerance for high inflation, as expected.
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- The leading cryptocurrency jumped from $11,400 to $11,594 in 20 minutes to 09:30 a.m. ET only to give up gains in the next few minutes. At press time, bitcoin is trading near $11,380, down nearly 1% on the day, according to CoinDesk's Bitcoin Price Index.
- The dollar index, which tracks the value of the greenback against majors, also faded the drop to 92.50 and now trades near 93.30.
- The negative correlation between the dollar and bitcoin has strengthened over the past few weeks.
- Federal Reserve Chairman Jerome Powell, while speaking at central bank's annual Jackson Hole event, said that the central bank will now be willing to allow inflation to run higher than the 2% target before raising interest rates.
Read more: Commentary: Fed Chair Jerome Powell Details Inflation Target Changes
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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