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Bitcoin’s Price Response to Powell’s Statements
Bitcoin, the leading cryptocurrency by market capitalization, saw a nearly 8% decline in its price in the weekly chart, settling at approximately $63,941. This dip coincided with Powell’s statements regarding the future trajectory of interest rates.
The cryptocurrency market experienced a sudden and sharp downturn on Friday, April 12, which saw the Bitcoin price and the value of other large-cap assets take severe hits.
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Bitcoin, the largest cryptocurrency asset could see a significant rise in the coming months as Mike Novogratz, the Chief Executive Officer (CEO) of Galaxy Digital foresees BTC to benefit substantially from the anticipated Federal Reserve cut rates this year.
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A United States judge has ruled against Custodia Bank’s claim to membership and a master account with the Federal Reserve. The digital asset bank had initially sued the Fed in 2022 for delaying a decision on whether or not to grant the bank a master account.
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Going by an analysis of one analyst on X, the Bitcoin rally is happening at a crucial time in the broader financial market. With the world’s first cryptocurrency marching closer to $70,000, it is not all rosy for banks in the United States, considering what’s to happen in the next few weeks.
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Cryptocurrency enthusiast and radio host Mark Moss touts Bitcoin as the ultimate indicator of gauging overall market health. Moss challenged the traditional focus on earnings and economic data.
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The Bitcoin price remained under pressure on February 1, hours after the United States Federal Reserve (Fed) held interest rates steady on January 31. The dip in the world’s most valuable cryptocurrency is unexpected.
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