Bitcoin (BTC) traders were disappointed at the Wall Street open on Jan. 10 after the US Federal Reserve refused to comment on future policy.
Powell is silent on Fed policy
Data from Cointelegraph Markets Pro and TradingView followed the BTC/USD pair, which was flat around $17,250 on Bitstamp.
Hopes had been centered on a new BTC price catalyst courtesy of the Fed in the form of a speech by Chairman Jerome Powell.
However, in his speech at the International Symposium on Central Bank Independence at the Swedish Central Bank headquarters in Stockholm, Powell avoided the topic of US monetary policy altogether.
“I will address three main points. First, the Federal Reserve’s monetary policy independence is an important and widely supported institutional arrangement that has served the American public well.”started.
“Second, the Fed must continually earn that independence by using our tools to achieve assigned goals of maximum employment and price stability, and by providing transparency to facilitate understanding and effective oversight by the public and their elected representatives. in Congress. Third, we should “stick to our business” and not be sidetracked in pursuit of perceived social benefits that are not closely tied to our goals and legal authorities.”
This last point referred to the involvement of the Fed in the climate change debate.
In the absence of market triggers, neither cryptocurrencies nor US stocks looked particularly promising in the first hour of trading on Wall Street.
In a new analysis of the day, Filbfilb, co-founder of trading suite Decentrader, outlined potential short-term upside and downside targets for BTC.
Volatility, as Cointelegraph reported, was still expected on Jan. 12 with the release of December Consumer Price Index (CPI) data.
“Buyers have been found for 2 months below 16,500,” he told subscribers to the Telegram channel, highlighting several weekly moving averages (WMAs) to watch.
“The 20 WMA sits around 18,300, which is also the current range high, previous support, and diagnostic resistance. If it breaks that key level, the top of the wedge would be targeted, also the 200c WMA. $24,000″.
In the meantime, if downtrends return, a trip as low as $14,000 remains possible.
“Liquidity shows it could be a battle to get to 24,000,” Filbfilb continued.
“If there’s a curveball thrown into the mix, there’s fuel in the tank to get us to 14-14.5k.”
Winklevoss accuses GBTC CEO Silbert of fraud
On the other hand, the tensions around the cryptocurrency conglomerate Digital Currency Group (DCG) continued to worsen during the day.
Cameron Winklevoss, co-founder of the Gemini exchange, published an open letter to DCG CEO Barry Silbert, accusing him of fraud and calling on the company’s board of directors to remove him.
The debacle, part of the global fallout from the FTX collapse, centers on blocked client funds and Silbert’s alleged unwillingness to cooperate with creditor demands.
Another initiative, “Redeem GBTC,” aims to access funds on behalf of investors in Grayscale Bitcoin Trust (GBTC), the largest institutional investment vehicle in Bitcoin, with more than $10 billion in assets under management.
Its creator, crypto-entrepreneur David Bailey, has informally engaged to broaden the reach of the grassroots campaign to include other crypto funds operated by Grayscale, which in turn is a subsidiary of GBTC.
The event, as on previous occasions, did not produce noticeable pressure on the Bitcoin price.
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