Traders witnessed a crypto bull run as Bitcoin ran past the $29,000 mark with recent remarks from the Chair of the Federal Reserve.
The Chair of the Federal Reserve, Jerome Powell, recently made a speech that sent bullish ripples across the crypto market. Ahead of his speech, Bitcoin crossed $28,600 and continued to surge. It finally crossed $29,000 and is trading above the level. Analysts predicted Powell could stop taking a hawkish stance hereon. Meanwhile, the crypto bull run has taken over the market.
Meanwhile, Powell stated in his speech, “Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal.” But market participants were quick to assume no rate hikes within October, leading to rallies across markets.
Both retail and institutional investors may have revised their estimates for the market. Sentiments look strong, as almost all crypto tokens turned green in the last 24 hours. Sidelining a few speed bumps, most experts and analysts have predicted a steady rise for Bitcoin till its halving event. Ethereum came closer to crossing the $1600 mark as its market cap increased to over $190 billion.
Cardano, Solana, XRP, and others staged wide recoveries, with Solana sitting on massive weekly returns of over 24%.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29100 on October 20, 2023, with BTC/USD trading higher by 3.2% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (27,485.26), as BTC’s 24-hour volume was at around $17 billion.
Bitcoin has seen around 76.73% returns on a year-to-date basis. 7-day returns for BTC stands at 9%, while its 100-day EMA was at around $28,019.65. Bitcoin’s overall market capitalization is trading at around $570 billion. The crypto market surged by over 2.7% to over $1.15 trillion.