NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why Bitcoin Hit $8k Ahead of FOMC Update, Wiping Out Coronavirus Losses

Yashu Gola
Yashu Gola
1 year ago
3 mins read
bitcoin, cryptocurrency, FOMC, BTCUSD

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

  • Bitcoin closed above $8,000 this Wednesday, wiping all its Coronavirus-induced losses from mid-March.
  • The cryptocurrency’s move uphill came ahead of Jerome Powell’s press conference at 1430 ET today.
  • The Federal Reserve chairman is likely to discuss strategies to tame the contracting economy, with investors expecting him to keep the interest rates lower.

Bitcoin jumped above $8,000 for the first time in almost two months as investors braced for the Federal Reserve’s views on the health of the U.S. economy.

The bitcoin-to-dollar exchanged surged 5.52 percent to top at $8,180 on BitMEX, resuming its uptrend a day after correcting modestly. The pair’s move uphill wiped all the losses incurred on Black Thursday, an event on March 12 that crashed prices by more than 50 percent.

bitcoin, cryptocurrency, FOMC, BTCUSD
BTCUSD is trading above the pre-Black Thursday levels following its move above $8,000 | Source: TradingView, BitMEX

The latest hope over the slowing spread of the novel coronavirus pandemic and a decision by some U.S. states to reopen the economy supported the prevailing bitcoin mood. Meanwhile, the upside sentiment also mirrored similar moves in global equities and oil prices this Wednesday that boosted investors’ confidence in risk-on assets.

FOMC Update, Powell’s Press Conference

Gains all across the global markets came ahead of Jerome Powell’s press meeting at 1430 ET on Wednesday. Investors anticipate that the Federal Reserve chairman would give a detailed outlook on the current health of the U.S. economy, including an overview of the strategies available to the U.S. central bank to safeguard markets against the Coronavirus pandemic.

Jonas Goltermann, the senior markets economist at Capital Economics, told WSJ that Powell & team have done everything they can to shield the U.S. economy from the slowdown caused by the virus. But investors want to know about the lengths to which the Fed can go to protect the market – should the condition deteriorate.

“The communication challenge is going to be conveying that they will do more if needed, but that doesn’t mean they have to do more right now,” Mr. Goltermann added.

Bitcoin reacted positively to the Fed’s intervention so far. The cryptocurrency rebounded shortly after the central bank decided to slash interest rates to near zero, began a bond-buying program, and injected trillions of dollars into the U.S. banking system. Its upside move on Wednesday, therefore, reflected confidence.

Traders will now look for cues from Powell’s speech and Fed’s future policy direction. Easing policies could allow them to increase their exposure in the bitcoin market.

Bitcoin Halving FOMO

The likelihood of bitcoin hitting new highs are increasing also ahead of its mining reward halving in May 2020. The event will reduce the cryptocurrency’s mining rate per 10 minutes from 12.5 BTC to 6.25 BTC.

“There is a sudden panic amongst traditional fund managers to place their funds in assets that are protected against the FED printing machine,” noted Ran NeuNer, the founder of Onchain Capital. “Many have enough exposure to Gold and are now looking to Bitcoin. This is what Bitcoin was designed for and I expect an ATH this year.”

Photo by Robert Bye on Unsplash


Since you’re here… Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin Absorbs Strong Selling Pressure On Binance Derivatives – Breakout Ahead?

Bitcoin (BTC) has remained range-bound between $100,000 and $110,000 since May 7, aside from a few dips to as low...

Ash Tiwari 1 hour ago
XRP Price Regains Traction

XRP Price Regains Traction — Is a Powerful Upside Break Brewing?

XRP price started a fresh increase above the $2.30 zone. The price is now showing positive signs and might climb...

Aayush Jindal 2 hours ago
ビットコイン23万ドル予測、注目の仮想通貨プレセールにも期待高まる

Фьючерсы на биткоин восстанавливаются, но сигналы Price Action вызывают опасения

Фьючерсные рынки биткоина демонстрируют признаки возобновления оптимизма: совокупный открытый интерес вырос на 7 % за последний месяц. Это первый устойчивый рост...

lisachaikina 2 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

ChatGPT分析鏈上炒幣翻倍方程式 現在最值得買入的100倍迷因幣有哪些?

Mark Mak 17 minutes ago
XRP

2% Of All XRP Is In His Hands — But Who Is He?

Christian Encila 47 minutes ago
Dogecoin (DOGE) Eyes Breakout

Dogecoin (DOGE) Eyes Breakout — Can Bulls Unleash the Next Surge?

Aayush Jindal 1 hour ago

Premium Sponsors

Press Releases

  • 🚀CRYPTO MINING FIRM launches an APP cloud mining...

    4 hours ago
  • Felpörgő alternatív kriptovaluta a Dogecoin (DOGE) helyett – 650 dollárból 65 000 dollár lehet 4 hónap alatt

    Felpörgő alternatív kriptovaluta a Dogecoin (DOGE)...

    12 hours ago
  • 3 figyelemre méltó altcoin 2025. júliusának első hetében

    3 figyelemre méltó altcoin 2025. júliusának első...

    13 hours ago
  • Oblíbená alternativa Dogecoinu (DOGE), která z 650 USD udělá 65 000 USD za 4 měsíce

    Oblíbená alternativa Dogecoinu (DOGE), která z 650 USD...

    15 hours ago
  • 3 altcoiny, které sledovat v prvním týdnu července 2025

    3 altcoiny, které sledovat v prvním týdnu července 2025

    15 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.