Experts speculate on the probable influence of the upcoming monetary policy adjustments by the Federal Reserve on the cryptocurrency market, particularly on the price of Bitcoin, as it nears $23,000 and the majority of the crypto market remains in green with the global crypto market moving over $1 trillion for the first time in what has been a while.
What Will Bitcoin’s Fate Be?
Given the dollar’s status as the world’s reserve currency, it comes as no surprise that the price of bitcoin is highly sensitive to fluctuations in the availability of US dollars across the world.
The market’s recent performance indicates that participants are expecting the Federal Reserve to change its stance on monetary policy. If the Federal Reserve follows through with a policy move, some analysts believe it might sustain the current advance in Bitcoin and spark a secular bull market.
One thing is certain as the world watches the future of monetary policy and its possible influence on the crypto market: Bitcoin and digital currencies are in a state of constant development, with substantial room for both volatility and growth.
Traders paved the way for the new Bitcoin gains amid worries of a severe drop, and Bitcoin prices kept rising to new multi-month highs. Bitcoin’s value has increased by nearly 9% in the last twenty-four hours and 11.5% in the last seven days, to a current price of $$22,848 as of this writing.
Analytics tool built directly upon the blockchain Meanwhile, yesterday’s removal of ask liquidity on Binance was spotted by Material Indicators, paving the way for Bitcoin’s debut surge beyond the $22,000 barrier.
Some familiar voices like Toni Ghinea are still warning traders to brace for the worst, while others are saying that this is only the beginning of a lengthy bull run, proving that Bitcoin is never beyond suspicion at its highs. Which one is it going to be? All we can do is wait and see.
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Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.