Saturday, September 30, 2023

Markets rally after FOMC meeting, but Bitcoin bears still have a short-term advantage By Cointelegraph

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‘s (BTC) value has been in a down-trend for the reason that $69,000 all-time excessive on Nov. 10, when the the Labor report confirmed inflation pushing above 6.2% in the USA. Whereas this information could possibly be useful for non-inflationary belongings, the VanEck bodily Bitcoin exchange-traded fund (ETF) denial by the U.S. Securities and Alternate Fee (SEC) on Nov. 12 threw some buyers off-guard.

Bitcoin/USD value on Coinbase (NASDAQ:). Supply: TradingView

Whereas the ETF request denial was usually anticipated, the explanations given by the regulator could also be worrisome for some buyers. The U.S. SEC cited the shortcoming to keep away from market manipulation on the broader Bitcoin market because of unregulated exchanges and heavy buying and selling quantity based mostly on ‘s (USDT) stablecoin.

Bitcoin/USD at FTX (orange, left) vs. U.S. 10-year Treasury Yields (blue, proper). Supply: TradingView
Bitcoin choices mixture open curiosity for Dec. 17. Supply: