Bitcoin gradually moved to just under $28,000 on Thursday as traders digested the quarter-point interest rate raise on Wednesday by U.S. Federal Open Market Committee (FOMC), in line with expectations. By shauryamalwa
Jenny will discuss developing crypto-linked investment products in a bear market, the mood among her clients and her lon...Bitcoin gradually moved to just under $28,000 on Thursday as traders digested the quarter-point interest rate raise Wednesday by U.S. Federal Open Market Committee , in line with expectations.
Over 75% of those losses came from longs, or bets on price rises, as traders likely positioned for a move higher after the FOMC meeting but were caught offside. Other major tokens, such as XRP, fell 8% as traders took profits on a rise earlier this week amid positive sentiment for a favorable result in the ongoing Ripple v. SEC case.
“The announcement of a $300 billion injection into the economy to save cash-strapped banks has also driven bitcoin’s price up. The intervention, which is being called a bailout, highlights that the traditional banking system is showing cracks,” Adelman added.
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