#bitcoin #Fed #rally
“Bitcoin’s October rally put the leading cryptocurrency on a firm footing ahead of central bank meetings in the US, UK, and Australia to assess the outlook on inflation and determine policies“–Paul Ebeling
The Top crypto rallied 40% in October, marking a record high at $66,975 as investors cheered positive seasonality and the launch of futures-based bitcoin ETFs (BITO) in the US. October was the biggest single-month percentage rally since December 2020, according to the data.
Our Key indicators indicate a positive follow-through in the months ahead whether of not the Fed, BoE, RBA and others begin to taper their economic stimuli as inflation is here to stay.
Our work says the tapering is priced in, and Bitcoin is a “risk-on inflation hedge”.
“Bitcoin bullish sentiment remains at fever-pitch, highlighted by NFT. NYC [the annual non-fungible token event] whipping the financial capital into a frenzy,” the Managing Partner at Hong Kong-based Kenetic Capital, told CoinDesk in a WhatsApp chat” on Monday.
GBITS marked an all time high last wee at $250+ on its way to $300.
The regulators are starting to see the value of crypto which could lead them to make a grand compromise on the industry, stay tuned…
Have a prosperous week, Keep the Faith!
#bitcoin, #Fed, #rally, #inflation, #taper,
