After a prolonged 24-hour boost, Bitcoin (BTC29990 USD) broke through $29500 on October 20th, while the price of XRP (XRP $0.52 USD) rose to over $0
After a prolonged 24-hour boost, Bitcoin (BTC29990 USD) broke through $29500 on October 20th, while the price of XRP (XRP $0.52 USD) rose to over $0.50 due to Ripple's significant legal victory.
According to data from CointelegraphMarketsPro and TradeView, starting from the beginning of this week, the price of Bitcoin (BTC/USD) has gradually approached a two-month high, and this upward trend seems to have been triggered by the speech of Federal Reserve Chairman Jerome Powell.
Against the backdrop of a sharp fall in the US bond market, Powell was under pressure to issue cautious wording. However, in fact, Powell's speech was briefly interrupted by protesters, but he showed a highly conservative attitude towards the economic outlook. He stated that the Federal Reserve acknowledged the potential problems of excessive interest rate hikes.
The data shows that market expectations are changing regarding future interest rate decisions. According to data from CME Group's FedWatch tool, as of Powell's speech, the market expects interest rates to remain at current levels at the next FOMC meeting on November 1st. However, now this possibility has decreased to 88%. This indicates that the market is full of uncertainty regarding future interest rate decisions.
After Powell's speech, there were reports that US regulatory agencies had withdrawn the charges against executives of blockchain company Ripple.
This news triggered a rapid reaction in XRP prices, as of the time of writing, XRP has risen by over 6% within 24 hours. This is an important development that may have an impact on the price and market of XRP.
With increasing expectations of approval for Bitcoin spot price exchange traded funds (ETFs) in the United States, Bitcoin prices have rapidly risen.
As of the writing of this article, the highest price on that day was $29689, which is only $200 away from the peak of rapid fluctuations that occurred on October 17th.
Famous trader Jelle wrote in his analysis that day: "Bitcoin is slowly but firmly filled with wick. Let's aim for $30000." He had previously stated that Bitcoin appears eager to fill the price gap on October 17th.
Another trader, CrypNuevo, uploaded clearing data from the past few days in various analysis posts, warning that the number of long and short positions is four to one. He stated that Bitcoin may experience a pullback during US trading hours.
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