Although Bitcoin failed to maintain an upward trend on November 23 and fell below $16,650, the release of dovish FOMC (Federal Open Market Committee) meeting minutes, has rescued Bitcoin’s market and gave it a bullish momentum.
The content of the FOMC minutes was very significant with clues on dimming interest rates. It said Fed officials’ “substantial majority” see rate hikes slowing “soon.”
This was contrary to the anxious expectations of most open market desk survey respondents who thought a 50 basis point increase in the federal funds rate target in the December meeting.
Bitcoin also got a push from New York Governor Kathy Hochul’s action of slapping a ban certain bitcoin mining activities powered by carbon-based energy sources. The new stipulation is mandatory use of renewable energy sources.
New York to ban Crypto mining for two years
Although the law’s impact is hard to predict, the price of BTC/USD may have a significant uptick from global bitcoin production cut back.
The words of Kathie Wood, the CEO of the American investment management firm Ark Invest, that she still has faith in cryptocurrencies even after FTX’s bankruptcy add some new cheer. Wood also predicted the value of BTC/USD will rise and each BTC coin will touch $1 million by 2030.
US jobless perks’ demand up, pushes Bitcoin
Applications for unemployment benefits in the United States zoomed to a three-month high last week after layoffs at technology businesses.
In response to the news, Bitcoin rose 2 percent in the last 24 hours and currently trading at $16,500 and holding tight above the $15k price mark.
The data released by the Labor Department on Wednesday showed jobless claims having jumped by 17,000 to a total of 240,000.