BTC Shoots Up Due To Fed Comments

 

Bitcoin hit 13k again today as the 2019 bull market delivered fresh reasons to celebrate for traders and HODLers.

Data showed BTC/USD hitting 13.1k in early trading Wednesday, the pair reclaiming almost 1k in 24 hours.

The past days have surprised many, with analysts previously warning a major correction should set in after bitcoin closed below 11.5k usd.

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Weekly gains are now at 12.9%, while over the past month, investors have seen 68% growth.

The new price highs coincided with data showing the risk to the U.S. of entering a recession was now the most severe since the 2008 financial crisis.

The alarming findings came courtesy of Bloomberg journalist Tracy Alloway, who uploaded data from the New York Fed’s Recession Indicator.

Bitcoin meanwhile further regained a record share of the cryptocurrency market cap at 65.1% – a figure not seen since April 2017.

Altcoins were thus predictably in the red Wednesday, almost all suffering losses as attention continued to focus on bitcoin.

Ethereum shed 2.3% to trade at 309 usd, while others lost similar amounts.

The exception was exchange Bitfinex’s  (LEO) token, which conversely gained several percentage points.

Tezos (XTZ) also performed better than most.

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About Howard Mahere

I'm a Bitcoin/Cryptocurrency enthusiast ; motivator; author of "AN IMMIGRANT WITH A PLAN" and a John C Maxwell certified speaker . Happily married to Emely and a father to one son and two daughters. My greatest joy comes from inspiring others to maximize their potential. I feel fulfilled when I bring hope to the hopeless and encouragement to the discouraged. The truth is, we each have a past, and it's either our prison, our excuse OR our springboard to a brighter future. The choice is yours but as for me, I made up my mind a long time ago to use my dysfunctional tough childhood as a stepping stone . The late Zig Ziglar used to say "It's not what happens to you that determines how far you will go in life, it is how you handle what happens to you." This is my story and I am sticking to it!
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