Bitcoin News Today – Headlines for August 29

Bitcoin Trading
  • The bull trigger that pushed Bitcoin’s price to $12,500 reemerges
  • Hard assets such as gold and Bitcoin benefit from the recent Fed speech
  • A Visa executive calls consumers to opt-out with Bitcoin (BTC)

Bitcoin News Today – A major bull trigger for the world’s most dominant digital currency shows up again as even an executive of Visa call on consumers to “opt-out with BTC.” Bitcoin is just a few inches away from getting the same boost that helped to push its price to $12,500 a few weeks ago, according to data.

Yesterday, the US dollar Index (DXY) returned to crucial low levels after the speech of the Fed. The chairman of the Fed – Jerome Powell – made know the intentions of the Fed to keep interest rates close to zero, and this had a slight impact on the price of the digital currency.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$12,932.13
1.82%

Bitcoin’s Boost to $12k Re-emerges

At the time of writing this article, the US Dollar currency index measured 92.28, which is its lowest since August 19. At that time, the DXY had seen a few years of decline, with 92.17 marking the bottom that challenged previous lows from April 2018. Safe-haven assets such as Bitcoin seemed to benefit all through the summer as the USD Index plunged. The price of Bitcoin topped out at $12,500 while gold hit highs of $2,075 two weeks ago.

According to an analyst – a repeat performance is more likely to happen. The recent speech from the chairman of the Fed sent the USD Index tumbling after recording some gains over the past few days. The implication of the USD may be the only meaningful takeaways from a “non-event” policy shift for the digital currency.

However, the impacts on the rigidity of the fiat economy were much more severe, thanks to the Fed. It even got to the point that fiat businesses were considering Bitcoin as a better alternative. In a tweet, the senior director of public policy at Visa – Andy Yee – said, “Jerome Powell’s speed today will be for the history books.”

“Never in the history of mankind was so much stolen from so many by so few. Opt-out with Bitcoin.”

Fed’s Decision Is Bullish for Bitcoin and Gold

Raoul Pal – the CEO of Real Vision – said that the words of Powell were confirmation that gold and Bitcoin (BTC) would remain strong in the future, but BTC would stand out for investors. Pal said that he believes Bitcoin and gold rise over time in deflation or inflation.

“Most people don’t understand the latter but is simply put, Powell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets – Gold and Bitcoin. Powell WANTS inflation.”

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.