{"id":418947,"date":"2020-03-23T13:19:59","date_gmt":"2020-03-23T13:19:59","guid":{"rendered":"https:\/\/wncen.com\/?p=418947"},"modified":"2024-06-11T11:39:25","modified_gmt":"2024-06-11T11:39:25","slug":"bitcoin-jumps-8-as-fed-commits-infinite-quantitative-easing","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-jumps-8-as-fed-commits-infinite-quantitative-easing\/","title":{"rendered":"Bitcoin Jumps 11% as Fed Commits Infinite Quantitative Easing"},"content":{"rendered":"<p>Bitcoin surged by almost 11 percent minutes after the US central bank committed to unlimited purchasing of US Treasuries mortgage-backed securities to help its struggling economy amidst <a href=\"https:\/\/wncen.com\/2020\/03\/20\/top-analyst-explains-why-bitcoin-price-is-up-78-amid-coronavirus-outbreak\/\">Coronavirus pandemic<\/a>.<\/p>\n<blockquote><p>\u201cThe Federal Reserve is committed to using its full range of tools to support households, businesses, and the US economy overall in this challenging time,\u201d the bank said in a statement.\u00a0\u201cWhile great uncertainty remains, it has become clear that our economy will face severe disruptions.<\/p>\n<p>&#8220;Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.\u201d<\/p><\/blockquote>\n<p>The announcement sent bitcoin towards its new intraday high at $6,641. It also left traditional markets in a positive area, with the benchmark S&amp;P 500 index climbing by almost 7.8 percent in just 23 minutes. Safe-haven asset <a href=\"https:\/\/www.kitco.com\/news\/2020-03-23\/Gold-prices-soar-after-very-aggressive-Fed-stimulus-expansion.html\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Gold, meanwhile, surged by up to 1.69 percent<\/a>.<\/p>\n<p>Elsewhere in the cryptocurrency market, almost all the top assets followed bitcoin&#8217;s cue. The second-largest coin, Ethereum, soared by more than 10 percent while <a href=\"https:\/\/wncen.com\/2020\/03\/23\/ripple-xrp-is-plunging-but-its-too-early-to-say-bulls-have-given-up\/\">XRP<\/a>, the third-largest asset among the top 10, jumped 8.18 percent. Other assets, including Bitcoin Cash, Litecoin, Bitcoin SV, Binance Coin, and EOS, also rose in the range of 6 and 10 percent.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Markets reacting to the Fed announcement that they will buy an unlimited amount of assets in order to stabilize the markets.<\/p>\n<p>Bitcoin = Orange<br \/>Stocks = Blue<br \/>Silver = White<br \/>Gold = Yellow<br \/>Crude Oil = Purple<br \/>US Dollar = Green<\/p>\n<p>Initial results speak for themselves&#8230; <a href=\"https:\/\/t.co\/L3gnDGzn07\" rel=\"nofollow\">pic.twitter.com\/L3gnDGzn07<\/a><\/p>\n<p>&mdash; Mati (@MatiGreenspan) <a href=\"https:\/\/twitter.com\/MatiGreenspan\/status\/62400773?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 23, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>A $28,000 Bitcoin<\/h2>\n<p>The <a href=\"https:\/\/wncen.com\/2019\/10\/09\/bitcoin-eyes-price-rally-as-fed-announces-pseudo-qe\/\">Fed&#8217;s infinite quantitative easing program<\/a> has led bitcoin supporters to project the cryptocurrency as an alternative. Popular market commentator Hodlonaut pitted the US dollar&#8217;s open-ended supply against bitcoin&#8217;s scarcity, noting that investors would want to purchase the latter as protection against a potentially hyperinflated market.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The dollar is infinite, and is being made out of thin air by criminals.<\/p>\n<p>And you can still exchange it for Bitcoin, the hardest and scarcest money we have ever seen, with absolutely finite supply.<\/p>\n<p>Not sure how long this deal will remain on the table.<\/p>\n<p>&mdash; hodlonaut 80 IQ 13%er \ud83c\udf2e\u26a1\ud83d\udd11 \ud83d\udc1d (@hodlonaut) <a href=\"https:\/\/twitter.com\/hodlonaut\/status\/54480641?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 23, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Veteran trader Ronnie Moas, meanwhile, discussed the possibility of bitcoin closing above its all-time high of $20,000 in 2020 under the updated market fundamentals. He wrote:<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">&#8220;The massive amount of money being printed now in order to deal with <\/span><span class=\"r-18u37iz\"><a class=\"css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\" role=\"link\" href=\"https:\/\/twitter.com\/hashtag\/coronavirus?src=hashtag_click\" data-focusable=\"true\" rel=\"nofollow\">#coronavirus<\/a><\/span><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\"> is good for Bitcoin.\u00a0<\/span><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">Reiterating $28,000 target \u2013 I can&#8217;t think of a safer place to put my money.&#8221;<\/span><\/p><\/blockquote>\n<p>Part of the explanation came from Gabor Gurbacs, the director at VanEck&#8217;s digital assets&#8217; wing, who noted that investors would treat <a href=\"https:\/\/wncen.com\/2019\/10\/24\/increasing-regulatory-scrutiny-may-be-driving-latest-bitcoin-downtrend\/\">bitcoin as a risk-on asset during the Fed&#8217;s QE<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">It\u2019d be interesting if a good bit of the Fed QE money flowed into <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a>. Bitcoin jumped higher on the morning Federal reserve board announcements. <a href=\"https:\/\/t.co\/Vteh1Ltrld\" rel=\"nofollow\">pic.twitter.com\/Vteh1Ltrld<\/a><\/p>\n<p>&mdash; Gabor Gurbacs (@gaborgurbacs) <a href=\"https:\/\/twitter.com\/gaborgurbacs\/status\/95057920?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 23, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&#8220;QE money will eventually return to risk assets. Bitcoin is part risk asset, part digital gold at this point of time,&#8221; he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin surged by almost 11 percent minutes after the US central bank committed to unlimited purchasing of US Treasuries mortgage-backed securities to help its struggling economy amidst Coronavirus pandemic. \u201cThe Federal Reserve is committed to using its full range of tools to support households, businesses, and the US economy overall in this challenging time,\u201d the bank said in a statement.\u00a0\u201cWhile great uncertainty remains, it has become clear that our economy will face severe disruptions. &#8220;Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.\u201d The announcement sent bitcoin towards its new intraday high at $6,641. It also left traditional markets in a positive area, with the benchmark S&amp;P 500 index climbing by almost 7.8 percent in just 23 minutes. Safe-haven asset Gold, meanwhile, surged by up to 1.69 percent. Elsewhere in the cryptocurrency market, almost all the top assets followed bitcoin&#8217;s cue. The second-largest coin, Ethereum, soared by more than 10 percent while XRP, the third-largest asset among the top 10, jumped 8.18 percent. Other assets, including Bitcoin Cash, Litecoin, Bitcoin SV, Binance Coin, and EOS, also rose in the range of 6 and 10 percent. Markets reacting to the Fed announcement that they will buy an unlimited amount of assets in order to stabilize the markets. Bitcoin = OrangeStocks = BlueSilver = WhiteGold = YellowCrude Oil = PurpleUS Dollar = Green Initial results speak for themselves&#8230; pic.twitter.com\/L3gnDGzn07 &mdash; Mati (@MatiGreenspan) March 23, 2020 A $28,000 Bitcoin The Fed&#8217;s infinite quantitative easing program has led bitcoin supporters to project the cryptocurrency as an alternative. Popular market commentator Hodlonaut pitted the US dollar&#8217;s open-ended supply against bitcoin&#8217;s scarcity, noting that investors would want to purchase the latter as protection against a potentially hyperinflated market. The dollar is infinite, and is being made out of thin air by criminals. And you can still exchange it for Bitcoin, the hardest and scarcest money we have ever seen, with absolutely finite supply. Not sure how long this deal will remain on the table. &mdash; hodlonaut 80 IQ 13%er \ud83c\udf2e\u26a1\ud83d\udd11 \ud83d\udc1d (@hodlonaut) March 23, 2020 Veteran trader Ronnie Moas, meanwhile, discussed the possibility of bitcoin closing above its all-time high of $20,000 in 2020 under the updated market fundamentals. He wrote: &#8220;The massive amount of money being printed now in order to deal with #coronavirus is good for Bitcoin.\u00a0Reiterating $28,000 target \u2013 I can&#8217;t think of a safer place to put my money.&#8221; Part of the explanation came from Gabor Gurbacs, the director at VanEck&#8217;s digital assets&#8217; wing, who noted that investors would treat bitcoin as a risk-on asset during the Fed&#8217;s QE. It\u2019d be interesting if a good bit of the Fed QE money flowed into #Bitcoin. Bitcoin jumped higher on the morning Federal reserve board announcements. pic.twitter.com\/Vteh1Ltrld &mdash; Gabor Gurbacs (@gaborgurbacs) March 23, 2020 &#8220;QE money will eventually return to risk assets. Bitcoin is part risk asset, part digital gold at this point of time,&#8221; he said.<\/p>\n","protected":false},"author":50,"featured_media":418962,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,679,1558],"class_list":["post-418947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Bitcoin Jumps 11% as Fed Commits Infinite Quantitative Easing<\/title>\n<meta name=\"description\" content=\"Bitcoin surged by almost 11 percent minutes after the US central bank committed to unlimited purchasing of US Treasuries mortgage-backed securities to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.\",\"url\":\"https:\/\/wncen.com\/author\/gola-yashu\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Jumps 11% as Fed Commits Infinite Quantitative Easing","description":"Bitcoin surged by almost 11 percent minutes after the US central bank committed to unlimited purchasing of US Treasuries mortgage-backed securities to","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/bitcoin-jumps-8-as-fed-commits-infinite-quantitative-easing\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Jumps 11% as Fed Commits Infinite Quantitative Easing","og_description":"Bitcoin surged by almost 11 percent minutes after the US central bank committed to unlimited purchasing of US Treasuries mortgage-backed securities 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