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The bitcoin price climbed to $65,000 per bitcoin after Fed chair Powell signaled an interest rate cut is all but certain in September, setting up a “golden opportunity.”
Now, as the bitcoin price languishes at around $60,000 and one rival cryptocurrency suffers a huge crash, analysts are betting a fresh injection of liquidity by the Fed will put the bitcoin and crypto market on the “cusp” of a major move.
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U.S. Federal Reserve chair Jerome Powell has primed the bitcoin price and crypto market for a … [+]
“We believe that any dip in equities (and crypto) will be short-lived,” analysts at the Singapore-based bitcoin and crypto investment company QCP Capital wrote in a note.
“With Powell and the Fed ready to kickstart a rate-cutting cycle, increased liquidity will eventually push risk assets higher. We are finally on the cusp of a rate-cutting cycle.”
Last week, Fed chair Powell’s speech during the annual economic symposium of central bankers at Jackson Hole, Wyoming, struck a dovish tone and cued up a September interest rate cut.
“The time has come for policy to adjust,” Powell said, adding that the timing and pace of rate cuts would depend on data.
Earlier in the week, the Federal Open Market Committee’s (FOMC) July meeting minutes revealed policymakers are more dovish than thought, suggesting they’re ready for rates to begin coming down after rocketing to 23-year highs at a historical pace through the Biden administration.
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The bitcoin price has surged over the last year but has recently lost momentum, with the bitcoin … [+]
“Central banks, including the Federal Reserve, are adopting dovish stances, with rate cuts expected soon,” Shubh Varma, the chief executive of Hyblock Capital, said in emailed comments.
“Liquidity cycles are increasing globally, suggesting a favorable backdrop for risk assets, including cryptocurrencies. The dovish sentiment from the Jackson Hole symposium further reinforced this outlook, as evidenced by the substantial inflows into bitcoin spot exchange-traded funds (ETFs), with $252 million net inflows reported on Friday alone.”
The bitcoin price rally so far this year has been turbo-charged by the long-awaited arrival of a fleet of spot bitcoin ETFs on Wall Street.
The bitcoin ETFs from BlackRock and Fidelity have surged to become some of the fastest growing ETFs of all-time since their January debut.