Bitcoin price is still trapped in a recent dip that saw the asset shed over 11% in the past 30 days.
Bitcoin price has rebounded strongly together with the entire altcoin market in the past 24 hours. As of reporting time, Bitcoin was trading above $44,300, up approximately 4.5% in the past 24 hours. The global crypto market cap stood at approximately $2.08 trillion, up approximately 6% in the past 24-hours.
The altcoins led in gains, with some coins recording up to 15% gains. Ethereum (ETH) and Cardano (ADA) were up over 6% in the past 24-hours. The crypto market enthusiasm was shared in the stock market after China Evergrande Group (Hong Kong: 3333) informed its investors that it will pay its loans in time. Consequently, the Evergrande stock market closed the Hong Kong market on Sep 23 trading at HK$ 2.67, up 17.62%.
Bitcoin Price and the Market Outlook
As a global market, the crypto market led by Bitcoin was positively affected by yesterday’s Federal Funds Rate announcement. The Federal Reserve on Wednesday cleared the way to reduce its monthly bond purchases “soon” and signaled interest rate increases may follow more quickly than expected, with nine of 18 US central bank policymakers projecting borrowing costs will need to rise in 2022.
According to market updates provided by Forexfactory, the Federal Reserve maintained a target range of 0.00% to 0.25%. The figure has been similar to what the Fed has reported over the past year despite the covid crises that have seen huge money printing. Notably, the next interest rate call is expected to be released on November 3, 2021. Otherwise, the crypto market is waiting on Fed Chair Jerome Powell which is likely to affect future prices and volatility. Mind you, the dollar heavily affects the forex market as it is the global reserve currency.
Earlier, Powell noted that the FED is looking into CBDC. “I think it’s important that we get to a place where we can make an informed decision about this and do so expeditiously,” Powell said at his post-meeting news conference. “I don’t think we’re behind. I think it’s more important to do this right than to do it fast.”
Future Growth Prospects
Bitcoin price is still trapped in a recent dip that saw the asset shed over 11% in the past 30 days. According to metrics provided by CoinGecko, Bitcoin is up approximately 318% in the past year, but down approximately 4.5%, and 8.6% in the past 14 days and seven days respectively through Today.
The United States through the SEC has committed to regulating the crypto market forward as a way to protect investors. According to SEC Gary Gensler in an interview made earlier this week with the Washington Post, most crypto projects fall under the securities aspect and require urgent regulations.