Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes


Bitcoin didn’t die—all 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.

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Bitcoin wobbles inside a bullish continuation structure. Source: BTCUSD on TradingView.com Bitcoin wobbles inside a bullish continuation structure. Source: BTCUSD on TradingView.com

Nevertheless, the cryptocurrency ducked downside anticipations as investors’ focus shifted on the US President-elect Joe Biden’s stimulus speech and the Federal Reserve Chairman Jerome Powell’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—worst since August. The top Democrat wants to spend “trillions of dollars” on cheques for

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