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NewsBTC 2022-08-31 14:30:38

Bitcoin Trades Above $20,000, Has The Fed Failed Again?

Bitcoin has been moving sideways over the past week in a tight range, but the cryptocurrency might experience volatility as bulls and bears fight over the monthly candle close. The benchmark has been unable to recover its gains from last week and continues to trade in the red over high timeframes. Related Reading: This Indicator Predicts Probable Bearish Trend Ahead For Ethereum At the time of writing, Bitcoin (BTC) trades at $20,300 with sideways movement in 24 hours and a 6% loss over the past week. Along with Solana (8%) and Dogecoin (8%), Bitcoin is the worst performer in the crypto top ten by market cap. In a recent report, trading firm QCP Capital shared some insights about the current market conditions. The crypto sector and other global markets are heavily influenced by the U.S. Federal Reserve (Fed) and its monetary policy. Last week, Fed Chairman Jerome Powell gave his highly anticipated Jackson Hole speech which, as QCP Capital said, was addressed to the markets. The price of Bitcoin and other large cryptocurrencies was trending upward ahead of the speech, but quickly tumble as Powell turned hawkish. The trading firm believes the U.S. financial institutions “failed again” with their communication strategy. Rather than provide markets with clarity and a roadmap, the Fed brought more uncertainty and instability. The financial institution has been trying to slow down inflation in the U.S. dollar, as measured by the Con...

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