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Powell failed to frighten Crypto

Alina Haynes

Nov 03, 2022 19:35

 截屏2022-11-03 下午7.32.53.png

 

Bitcoin is currently trading near $20,3K, which is only 0.5% below yesterday's levels, despite the fact that the range of changes over this period has been quite large. The initial reaction to the Fed's official announcement caused BTC to rise to $20,800, but the subsequent press conference doubled the pressure on the exchange rate, causing it to fall below $20,000.

 

The crypto market's value increased by 0.13 percent overnight, to $1.01 trillion, demonstrating significantly greater resistance to stock market volatility. The pressure on Bitcoin and Ether, which is strongly related to institutional sentiment, is counterbalanced by the ascent of altcoins one by one.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

In addition to Dogecoin's price doubling in just over a week, Litecoin (+13%) and Polygon (+15%) were among the surging currencies. The year-long bear market has worn down crypto investors, who now appear receptive to new pump ideas. This may indicate that the market is sufficiently inexpensive and stable.

 

Charles Edwards, founder of Capriola Investments, hypothesized that the entry of major energy companies into the business explains Bitcoin's new hash rate high. According to him, the rise in hash rate notwithstanding BTC's stagnation does not indicate that miners are giving up. According to Glassnode, the network processing capacity of the first cryptocurrency on November 1 was 272,4 EH/s (smoothed by the 7-day moving average).

 

DeFi providers are increasingly using stablecoins as collateral. According to a research by CoinMarketCap and TokenInsight, this is the case. Ethereum continues to dominate DeFi-ecosystems by a significant margin.

 

Money transfer company MoneyGram has teamed with the cryptocurrency exchange Coinme to add trading and storage options for Bitcoin, Ethereum, and Litecoin to its mobile app for US customers.

 

UnionBank, the largest bank in the Philippines, has announced the pilot launch of trading and storage services for Bitcoin and Ethereum. The program is being out in collaboration with the Swiss custodian Metaco.


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