{"id":454566,"date":"2021-01-14T19:56:07","date_gmt":"2021-01-14T19:56:07","guid":{"rendered":"https:\/\/wncen.com\/?p=454566"},"modified":"2024-06-11T14:12:45","modified_gmt":"2024-06-11T14:12:45","slug":"bitcoin-reclaims-40000-as-powell-rubbishes-taper-tantrum-woes","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-reclaims-40000-as-powell-rubbishes-taper-tantrum-woes\/","title":{"rendered":"Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes"},"content":{"rendered":"<p>Bitcoin didn&#8217;t die\u2014all over again.<\/p>\n<p>The flagship cryptocurrency <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-just-passed-40000-heres-what-investors-are-saying\/\" target=\"_blank\" rel=\"noopener \">climbed<\/a> to an intraday peak of $40,127 in the early New York session Thursday, up more than 7 percent.<\/p>\n<p>Its upside move followed a massive bearish reversal at the beginning of this week, wherein the price fell from near $42,000 to as low as $31,100 (data from Coinbase). Many anticipated Bitcoin to continue dipping lower on rebounding US dollar and yields sentiment.<\/p>\n<figure id=\"attachment_454568\" aria-describedby=\"caption-attachment-454568\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/2Q7D6dYW.png\" target=\"_blank\" rel=\"noopener \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-454568\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/01\/2Q7D6dYW.png?resize=860%2C509\" alt=\"Bitcoin, cryptocurrency, BTCUSD, BTCUSDT\" width=\"860\" height=\"509\"><\/a><figcaption id=\"caption-attachment-454568\" class=\"wp-caption-text\">Bitcoin wobbles inside a bullish continuation structure. Source: BTCUSD on TradingView.com<\/figcaption><\/figure>\n<pre>Bitcoin wobbles inside a bullish continuation structure. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=COINBASE\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>Nevertheless, the cryptocurrency ducked downside anticipations as investors&#8217; focus shifted on the US President-elect Joe Biden&#8217;s stimulus speech and the Federal Reserve Chairman Jerome Powell&#8217;s webcast Princeton University.<\/p>\n<h2>Stimulus<\/h2>\n<p>Mr. Biden expects to unveil plans for a relief package as data showed a rise in the total number of unemployment claims last week\u2014worst since August. The top Democrat wants to spend &#8220;trillions of dollars&#8221; on cheques for American individuals, unemployment benefits, and green energy solutions investments.<\/p>\n<p>The US dollar index slipped 0.12 percent ahead of Mr. Biden&#8217;s address. Bitcoin, which typically trades <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-bloodbath-how-the-dollar-turned-a-sea-of-green-red\/\" target=\"_blank\" rel=\"noopener \">inversely to the greenback<\/a>, recovered\u2014as a result. That is due to a narrative that projects the finitely supplied cryptocurrency as a hedge against an oversupplied US dollar with no supply ceiling.<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">&#8220;The correlation between <\/span><span class=\"css-901oao css-16my406 r-poiln3 r-b88u0q r-bcqeeo r-qvutc0\">bitcoin<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> and the USD is now -0.15; it&#8217;s the lowest reading in history,&#8221; <a href=\"https:\/\/twitter.com\/MatiGreenspan\/status\/70777346\" target=\"_blank\" rel=\"noopener nofollow\">said<\/a> Mati Greenspan, the founder of Quantum Economics. &#8220;The inverse correlation is still tiny but the trend is clear. That&#8217;s what happens when B<\/span><span class=\"r-18u37iz\">itcoin<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\" style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif\">flies for six months while the <\/span><span class=\"css-901oao css-16my406 r-poiln3 r-b88u0q r-bcqeeo r-qvutc0\" style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif\">dollar<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\" style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif\"> sinks like a stone.&#8221;<\/span><\/p><\/blockquote>\n<h2>No Taper Tantrum<\/h2>\n<p>More powers to Bitcoin came from Mr. Powell, who once for all ended all the speculations surrounding the rumored &#8220;taper tantrum&#8221; plans. The Fed chair <a href=\"https:\/\/www.wsj.com\/articles\/jobs-market-has-long-recovery-ahead-says-feds-powell-\" target=\"_blank\" rel=\"noopener nofollow\">said<\/a> that he plans to keep easy-money policies in place for the foreseeable future, citing weak growth in the US jobs industry.<\/p>\n<p>The statements appeared amidst growing expectations that a faster-than-expected rebound in the US economy would prompt the Fed to raise short-term interest rates and limit its bond-buying program. But to Powell, the Fed won&#8217;t stop easing unless they achieve <a href=\"https:\/\/wncen.com\/analysis\/btc\/bullish-for-bitcoin-us-inflation-expectation-breaks-out-from-decade-long-downtrend\/\" target=\"_blank\" rel=\"noopener \">inflation above 2 percent<\/a> and maximum employment.<\/p>\n<p>The yields on short-term US Treasurys fell on the news, leading investors to seek better returns in the riskier markets, including Bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin didn&#8217;t die\u2014all over again. The flagship cryptocurrency climbed to an intraday peak of $40,127 in the early New York session Thursday, up more than 7 percent. Its upside move followed a massive bearish reversal at the beginning of this week, wherein the price fell from near $42,000 to as low as $31,100 (data from Coinbase). Many anticipated Bitcoin to continue dipping lower on rebounding US dollar and yields sentiment. Bitcoin wobbles inside a bullish continuation structure. Source: BTCUSD on TradingView.com Nevertheless, the cryptocurrency ducked downside anticipations as investors&#8217; focus shifted on the US President-elect Joe Biden&#8217;s stimulus speech and the Federal Reserve Chairman Jerome Powell&#8217;s webcast Princeton University. Stimulus Mr. Biden expects to unveil plans for a relief package as data showed a rise in the total number of unemployment claims last week\u2014worst since August. The top Democrat wants to spend &#8220;trillions of dollars&#8221; on cheques for American individuals, unemployment benefits, and green energy solutions investments. The US dollar index slipped 0.12 percent ahead of Mr. Biden&#8217;s address. Bitcoin, which typically trades inversely to the greenback, recovered\u2014as a result. That is due to a narrative that projects the finitely supplied cryptocurrency as a hedge against an oversupplied US dollar with no supply ceiling. &#8220;The correlation between bitcoin and the USD is now -0.15; it&#8217;s the lowest reading in history,&#8221; said Mati Greenspan, the founder of Quantum Economics. &#8220;The inverse correlation is still tiny but the trend is clear. That&#8217;s what happens when Bitcoinflies for six months while the dollar sinks like a stone.&#8221; No Taper Tantrum More powers to Bitcoin came from Mr. Powell, who once for all ended all the speculations surrounding the rumored &#8220;taper tantrum&#8221; plans. The Fed chair said that he plans to keep easy-money policies in place for the foreseeable future, citing weak growth in the US jobs industry. The statements appeared amidst growing expectations that a faster-than-expected rebound in the US economy would prompt the Fed to raise short-term interest rates and limit its bond-buying program. But to Powell, the Fed won&#8217;t stop easing unless they achieve inflation above 2 percent and maximum employment. The yields on short-term US Treasurys fell on the news, leading investors to seek better returns in the riskier markets, including Bitcoin.<\/p>\n","protected":false},"author":50,"featured_media":451219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,1558],"class_list":["post-454566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes<\/title>\n<meta name=\"description\" content=\"The flagship cryptocurrency Bitcoin climbed to an intraday peak of $40,127 in the early New York session Thursday, up more than 7 percent.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. 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 Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes","description":"The flagship cryptocurrency Bitcoin climbed to an intraday peak of $40,127 in the early New York session Thursday, up more than 7 percent.","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-reclaims-40000-as-powell-rubbishes-taper-tantrum-woes\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes","og_description":"The flagship cryptocurrency Bitcoin climbed to an intraday peak of $40,127 in the early New York session Thursday, up more than 7 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. 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\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes","url":"http:\/\/wncen.com\/news\/bitcoin-reclaims-40000-as-powell-rubbishes-taper-tantrum-woes\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-reclaims-40000-as-powell-rubbishes-taper-tantrum-woes\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Depositphotos_4025811_s-2019.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Depositphotos_4025811_s-2019.jpg?fit=999%2C669"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Yashu Gola"}],"creator":["Yashu Gola"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","cryptocurrency"],"dateCreated":"2021-01-14T19:56:07Z","datePublished":"2021-01-14T19:56:07Z","dateModified":"2024-06-11T14:12:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-reclaims-40000-as-powell-rubbishes-taper-tantrum-woes\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-reclaims-40000-as-powell-rubbishes-taper-tantrum-woes\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/Depositphotos_4025811_s-2019.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/Depositphotos_4025811_s-2019.jpg?fit=999%2C669\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Yashu Gola\"}],\"creator\":[\"Yashu Gola\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"cryptocurrency\"],\"dateCreated\":\"2021-01-14T19:56:07Z\",\"datePublished\":\"2021-01-14T19:56:07Z\",\"dateModified\":\"2024-06-11T14:12:45Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Depositphotos_4025811_s-2019.jpg?fit=999%2C669","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/454566"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/50"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=454566"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/454566\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/451219"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=454566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=454566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=454566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}