Dovish FED Gives Support to Bitcoin
Jerome Powell’s dovish market commentary gave bitcoin a boost off $46,000 support. The 58 week moving average has served as a key support level in 2021. Bitcoin hasn’t dipped below the 58 week MA since covid hit in 2020.
Jerome danced around most of the questioning and was asked numerous hypotheticals – not surprised. Still nobody bothered to ask JPOW about the “tools” he claims to have in fighting inflation, but they did finally ask him about crypto in general. His response was rather amusing.
I think they’re risky. They aren’t backed by anything. – Jerome Powell
Hopefully JPOW can see the irony in his response when asked if crypto markets pose systemic risk. Guess what else isn’t backed by anything? The USD and global fiat currencies.