Why Bitcoin Price Surged to $29K Today?

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Bitcoin, the world’s leading cryptocurrency, saw a substantial price surge of 3.7% after hints from the Federal Reserve Chair Jerome Powell, who made significant remarks during a Thursday midday speech regarding the possibility of no more interest rate hikes. 

Fed Chair Gives Hope to Crypto Market, Says No More Interest Rate Hikes

During a press conference, Mr. Powell hinted that if the recent progress on inflation continues and long-term Treasury yields remain elevated, the central bank may pause its historic series of interest rate hikes. This news immediately reverberated across financial markets, with Bitcoin showing a swift and substantial price surge of 3.7% over the last 24 hours.

Powell’s recent statements eventually align with those of fellow central bankers who intend to keep short-term interest rates steady during the October 31 to November 1 meeting.

The Fed chair stated that market uncertainties have complicated their task of maintaining a balance between tightening monetary policy too much and too little. He further boosted confidence among investors stating that the US economy remains resilient in the face of global macro challenges.

A significant catalyst for this bullish sentiment was the recent development in the ongoing XRP lawsuit, where the US SEC decided to drop charges against Ripple executives on Thursday. This move alone led to an over 8% increase in the XRP price, pushing it to $0.52.

Impact of News on Bitcoin & Other Cryptocurrency 

As a result of Powell’s statements, Bitcoin has experienced a remarkable 3.7% price increase, currently at $29,331. This surge has ignited hopes of reaching the $30,000 milestone, a level not witnessed since false rumors of BlackRock’s spot ETF approval swirled around.

Other altcoins like Solana (SOL) have also experienced a substantial 10% surge, signaling a robust breakout. 

This presents a promising opportunity for investors to enter the market before the onset of the next significant bull run in the crypto space.