3 Reasons Why Bitcoin Rebounded, Dollar Slumped Ahead of Powell’s Speech
It is Monday. Bitcoin is holding above crucial technical support at $11,400. Meanwhile, its safe-haven rival, the US dollar, is experiencing a sharp decline. The inverse correlation between the two stark assets is visible all over again. Only this time, the catalyst that is driving them into different directions is a Jerome Powell speech on […]
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Bitcoin slipped into negative territory ahead of the Federal Reserve Chairman Jerome Powell’s scheduled speech about the US economy. The benchmark cryptocurrency waved between profits and losses, only to fall by 0.85 percent to $10,701 ahead of the New York opening bell. Futures tied to Bitcoin also plunged by 0.37 percent, signaling a rough start […]
The Bitcoin and the crypto market witnessed significant volatility on Friday, August 22, rallying hard on the back of the Federal Reserve Chair Jerome Powell’s speech at Jackson Hole. Powell suggested a possible shift in the US policy direction, hinting that the interest rates could soon be cut. This speech triggered volatility in the risk […]
A surge in the demand for foreign exchange and the general scarcity of the resource may be the reasons why the naira currency recently slumped to a new all-time low of 735 versus the U.S. dollar, a report has said. One Nigerian currency dealer said he expects the naira to further depreciate to 750 per dollar in October.
Foreign Exchange Scarcity
On September 29, the Nigerian currency lost further ground versus the greenback after the naira’s parallel market exchange rate slumped to 735 units per dollar. The naira’s latest plunge came just days after the Central....
The U.S. inflation narrative shifts away from ease-of-control in what could further pressure risk asset performance. Bitcoin (BTC) fluctuated around the key $20,000 mark into Aug. 31 as the outlook on United States inflation darkened.Data from Cointelegraph Markets Pro and TradingView showed BTC/USD again dipping below last halving cycle’s top overnight, only to regain lost ground to circle $20,300 on the day.The rangebound moves accompanied modest recoveries for U.S. stocks, with the S&P 500 and Nasdaq Composite Index up 0.15% and 0.6% within the first hour’s trading,....
Last week, Federal Reverse Chairman Jerome Powell set the crypto community on fire after speaking at the annual Jackson Hold economic symposium. During his speech, Powell had hinted toward possible rate cuts that could happen in the month of September, and since rate cuts have been historically bullish for risk assets, this quickly triggered a […]