Bitcoin rallied above $ 45,000 after a bearish day. The leading cryptocurrency showed considerable strength at its current level, and appears to have found support above $ 44K. At the close of this note, the price of BTC is $ 45,433.
This morning, BTC had a brief pullback of more than 1%, which many specialists attributed to a correlation with traditional markets, which fell briefly after the last announcement will put an end to their monthly purchases of Treasuries and mortgage-backed securities, valued at $ 120 billion.
The Fed’s decision has to do with the success of the post-pandemic economic recovery. However, they have not yet confirmed those movements will be reduced.
Although the crypto market has been on the rise for weeks, some specialists pointed out in the last hours that US microeconomic decisions will affect cryptocurrencies. Jon Ovadia, founder of the South African exchange Ovex assured that the decrease in the Fed’s cash flow will partially stop the growth of Bitcoin in the short term.
“The factors supporting Bitcoin’s growth, in particular, go beyond Fed interference to keep the economy healthy. However, on the macroeconomic front, Bitcoin investors will have to take into account the forward-looking impact and hold on to other fundamentals that abound in the crypto market to keep prices at record levels , ” explained Ovadia , as quoted by Cointelegraph.
Regardless, the crypto ecosystem is confident indoors that BTC will hit a new ATH this year. For that to happen, there should be a 35% jump in just 4 months, something that has happened before in the market.
The rest of the crypto market grew partially on Thursday, with the exception of ether (ETH). The leading altcoin was virtually flat in the past 24 hours, continuing above $ 3,040.
Binance coin (BNB) and dogecoin (DOGE) grew 5% and trade at USD 420 and USD 0.30 respectively, while cardano (ADA) rallied by 6% to reach USD 2.11. XRP, meanwhile, is up just over 3% and is trading at $ 1.14.
Lastly, bitcoin cash (BCH) and litecoin (LTC) were practically flat and remain above $ 635 and $ 169.