Bitcoin dipped below $29,000 before recovering as traders evaluated the Fed minutes released Wednesday. By shauryamalwa
) temporarily lost, then recovered above, the $29,000 support level in European hours on Thursday, setting the tone for other major cryptocurrencies, data showed.
The Fed raised the official U.S. interest rate by half a percentage point earlier in May. It plans to reduce the size of its balance sheet by $47.5 billion a month for three months and up to $95 billion a month starting in September, as“Inflation is much too high and we understand the hardship it is causing,” Powell said at the time. “We’re moving expeditiously to bring it back down.” At the time, the comments contributed to a fall in broader markets and spread to crypto.
Bitcoin, however, remains bearish. It has lost value for each of the the past eight weeks – a first in its history – while futures and options data indicate traders are positioning for a further drop. “We caution that this current reduction in volatility risks turning into an explosion in the near term, potentially setting off momentum for a few days or weeks,” said Alex Kuptsikevich, a market analyst at FxPro, in an email to CoinDesk.
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