The cryptocurrency market maintains a bull market pattern. As the Chairman of the US Federal Reserve Board Powell said after discussing interest rates, the US job market and economic recovery are slowing, and monetary and fiscal policies will continue to be supported in the future. Investors regarded this as good news, and funds continued to pursue cryptocurrencies. Bitcoin broke through the $15,000 mark today and was once closer to $16,000.
According to data from CoinMarketCap, after Bitcoin settled at the level of 14,000 US dollars yesterday, the upward trend continued. Today, it rose to a high of 15,903.44 US dollars, which is only one step away from breaking through the 16,000 US dollars mark. As of 8:30 p.m., Bitcoin reported $15,459.57, an increase of 6.3%. Ether, the second-highest market capitalization, also rose nearly 10% today to $440.81. Others such as Ripple, Bitcoin Cash, Litecoin, etc., all recorded more than 5% increase.
Powell’s latest speech pointed out that if economic activities are to return to their pre-epidemic levels, it will still take some time and there will be continuous policy support. In addition to maintaining interest rates unchanged, the authorities have no plans to reduce the scale of debt purchases. He even stated that the monetary policy has not exhausted its ammunition and will use strong measures when necessary to support economic recovery. This remark was regarded by investors as a positive signal for the asset market. Tyler Winklevoss, the co-founder of Gemini, a large cryptocurrency exchange, said on Twitter that the matter Powell described was a message to buy Bitcoin.
At the same time, the public’s interest in cryptocurrencies is getting higher and higher. When the electronic payment company Square announced the results of the third quarter of this year, its Cash App received 1.63 billion U.S. dollars in revenue and 32 million U.S. dollars in gross profit from Bitcoin trading services. Increased 11 times and 15 times respectively. As early as November 2017, Square began to allow users to buy and sell bitcoin in the Cash App, while the company’s rival PayPal only announced last month that it would allow users to buy cryptocurrencies.