WHAT HAPPENED TO DOGECOIN & BITCOIN AFTER THE FED ANNOUNCEMENT?
Musk detailed his holdings in cryptocurrencies — Bitcoin, Ethereum and Dogecoin — at The B Word conference on Wednesday. Watch the latest episodes of CoinDesk TV for in-depth interviews with cryptocurrency industry leaders and analysts.
The relief from the crypto rally, with bitcoin trading close to $39,000, was short-lived as the largest cryptocurrency by market cap fell below $37,000 after the US Federal Reserve released a statement on Wednesday cutting its budget size. Bitcoin, the leading cryptocurrency by market capitalization, fell 1.2% to $58,303 at the last check. Ethereum, a cryptocurrency powered by the Ethereum blockchain, fell almost 2% to $4,248, while Dogecoin fell 2.1% to 22 cents.
Powell has been appointed head of the Fed, President Joe Biden said Monday, with Lael Brainard taking over as vice president. Powell appeared to back the Biden administration’s most recent stance on digital assets ahead of the Senate confirmation hearing for the next Fed chairman. Asked by The Wall Street Journal’s Michael Derby about cryptocurrencies on Wednesday, Powell echoed the conclusions. the report of the Working Group of Presidents on Financial Markets, published on November 1. At the same time, Powell said the Fed doesn’t need to rush or be “first to market.”
He told senators that the central bank could step in and develop a digital version of its currency, but Powell “has not legally decided” on the benefits of doing so. Powell also said the Fed is studying the potential of a central bank digital currency, but added that the Fed is not close to deciding whether to implement it. When asked at a congressional hearing whether owning a digital currency issued by the Federal Reserve was more feasible than having more cryptocurrencies or stablecoins in the payment system, Powell said he agreed.
A stablecoin is a cryptocurrency that attempts to tie its value to a conventional currency such as the US dollar. Cryptocurrency is an unregulated digital currency that is not legal tender and is subject to market risk. Bitcoin and other cryptocurrencies from Ethereum to Dogecoin are not officially supported by financial institutions or governments. Instead, every bitcoin purchase and sale is recorded on a decentralized digital ledger using a technology called blockchain.
Bitcoin and hundreds of other cryptocurrencies are increasingly used as investments and used to buy everything from software to real estate to illegal drugs. Cryptocurrencies, especially bitcoin, were once seen as a fringe interest for tech evangelists, but their value has soared in recent years.
Bitcoin rose in price by 2.94% on Tuesday and is currently at $46,177 (around Rs. Meanwhile, on global exchanges, the price of the most popular cryptocurrency is $42,548 (around Rs. Bitcoin was trading at $48,224 when last checked). , up 2.7%, while ether on the Ethereum blockchain traded up more than 4% to $3,239 on Friday afternoon.
This rally is likely fueled by several factors, including hope that a Bitcoin futures ETF could soon be approved by the Securities and Exchange Commission and excitement after Federal Reserve Chairman Jerome Powell made it clear that no plans to ban bitcoin in the US, which seemed to “encourage” investors, Ned Davis Research told CNBC. Tesla CEO Elon Musk’s new comments also coincided with a brief rise in the value of bitcoin and ethereum. Both Bitcoin and Ethereum experienced short-term price increases, while Musk, Dorsey and Wood discussed wider institutional adoption of the cryptocurrency. Prices of bitcoin and a wider range of virtual currencies were up and the US dollar fell on Friday after a speech by Federal Reserve Chairman Jerome Powell was interpreted as dovish or less likely to encourage aggressive tightening of financial conditions.
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