Bitcoin

<ul><li>Bitcoin nears $40K, buoyed by unchanged Fed rates and growing investor confidence in it as a hedge against economic uncertainty.</li><li>Major BTC withdrawals signal a shift to long-term holding, influenced by market events and the prospect of a U.S. Bitcoin ETF.</li><li>Fed&#39;s cautious stance on interest rates contrasts with positive Bitcoin sentiment, hinting at potential medium-term price increases.</li></ul>In a remarkable development for the cryptocurrency market, Bitcoin (BTC) has broken out of the $38,000 psychological resistance, an event that has been driven by the recent statements of Federal Reserve Chairman Jerome Powell. Powell indicated that interest rates would remain unchanged now, sparking a surge in Bitcoin&#39;s value. As highlighted by CryptoBusy, an analytics platform, Bitcoin surges ignoring a massive bearish divergence.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/ac18eec652664e329afec497d1144ed7.png" />This increase is particularly notable as it positions <a href="https://cryptotale.org/bitcoin-consolidates-above-37000-market-experts-predict-a-bullish-move/" rel="noopener noreferrer nofollow">Bitcoin</a> brings close to the $40,000 threshold. Currently trading at <a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow"> $38,741</a>, this momentum in Bitcoin&#39;s price reflects broader economic trends and strategic investor behavior.Significantly, Bitcoin&#39;s rise occurs amidst a complex macroeconomic landscape. Despite a looming recession predicted for 2024, investors are increasingly viewing Bitcoin as a viable hedge.As per Santiment, an analytics platform, this substantial Bitcoin surge is boosted by Jerome Powell who drew attention with Fed’s decision to keep interest rates unchanged at least for now. Moreover, the current market dynamics suggest a shift in investor focus from alternative cryptocurrencies (altcoins) to Bitcoin, often a sign of rising prices due to market fear.Read full article at<a href="https://cryptotale.org/?p&#61;28655&amp;preview&#61;true&amp;_thumbnail_id&#61;28656" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Bitcoin Soars Near $40K Following Fed's Interest Rate Decision and Market Shifts

CryptoTale

Other articles published on Dec 2, 2023

ADA makes AI breakthrough with internet-generative chatbot, while ETH whales accumulate this AI a...

Unlock the Potential of Reselling Gift Cards for Crypto on BuySellVouchers

Coinbase CEO Dismisses Rumors About the Launch of Base’s Token

PEPE Coin Expected to Reach $0.00001, Bitgert Price Has Increased By +80% In Past 7 Days

Ripple Returns 800 Million XRP to Escrow, Whale Buys Millions More

Magic Eden Marketplace Integrated into 'Honeyland' Enabling Native Token Transactions

Join our free newsletter for daily crypto updates!