3 Reasons Why Bitcoin Rebounded, Dollar Slumped Ahead of Powell’s Speech
It is Monday. Bitcoin is holding above crucial technical support at $11,400. Meanwhile, its safe-haven rival, the US dollar, is experiencing a sharp decline. The inverse correlation between the two stark assets is visible all over again. Only this time, the catalyst that is driving them into different directions is a Jerome Powell speech on […]
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Bitcoin slipped into negative territory ahead of the Federal Reserve Chairman Jerome Powell’s scheduled speech about the US economy. The benchmark cryptocurrency waved between profits and losses, only to fall by 0.85 percent to $10,701 ahead of the New York opening bell. Futures tied to Bitcoin also plunged by 0.37 percent, signaling a rough start […]
A surge in the demand for foreign exchange and the general scarcity of the resource may be the reasons why the naira currency recently slumped to a new all-time low of 735 versus the U.S. dollar, a report has said. One Nigerian currency dealer said he expects the naira to further depreciate to 750 per dollar in October.
Foreign Exchange Scarcity
On September 29, the Nigerian currency lost further ground versus the greenback after the naira’s parallel market exchange rate slumped to 735 units per dollar. The naira’s latest plunge came just days after the Central....
The U.S. inflation narrative shifts away from ease-of-control in what could further pressure risk asset performance. Bitcoin (BTC) fluctuated around the key $20,000 mark into Aug. 31 as the outlook on United States inflation darkened.Data from Cointelegraph Markets Pro and TradingView showed BTC/USD again dipping below last halving cycle’s top overnight, only to regain lost ground to circle $20,300 on the day.The rangebound moves accompanied modest recoveries for U.S. stocks, with the S&P 500 and Nasdaq Composite Index up 0.15% and 0.6% within the first hour’s trading,....
The Federal Reserve raised interest rates again, but Jerome Powell’s speech leaves many feeling uncertain as to the course the Fed will take in the future.
Ethereum classic rebounded on Wednesday, following three consecutive days of declines. The token dropped below $40.00 earlier this week, and continues to trade below this level ahead of tomorrow’s merge event. On the other hand, Solana remained lower, with prices falling by over 8% today. Ethereum Classic (ETC) Ethereum classic (ETC) rebounded on Wednesday, following three straight days of lower lows. Less than 24 hours before the start of The Merge, the token was marginally higher, bouncing from a key support point in the process. In the aftermath of the three-day losing streak,....