Market Wrap: With Fed Rate Policy Unchanged, Bitcoin Passes $11K; Ether Options Bet on Price Below $400

Market Wrap: With Fed Rate Policy Unchanged, Bitcoin Passes $11K; Ether Options Bet on Price Below $400


Bitcoin’s price continues to move up, with a little help from the U.S. Federal Reserve, while ether traders are hedging in the options market.

Bitcoin (BTC) trading around $10,979 as of 20:00 UTC (4 p.m. ET). Gaining 2% over the previous 24 hours.

  • Bitcoin’s 24-hour range: $10,662-$11,099
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
  • Bitcoin trading on Coinbase since Sept. 14.Source: TradingView

    Bitcoin hit as high as $11,099 on exchanges such as Coinbase Wednesday after the U.S. Federal Reserve announced it was keeping interest rates near zero until maximum employment is achieved. The price lost steam to $10,979 as of press time, however.

    Read More: Federal Reserve Now Targets Inflation Above 2%, Bitcoin Breaks $11K

    “Buyers have already reached $11,000 per BTC. We expect an increase to $11,200, and then a test of $11,500,” said Constantine Kogan, partner at crypto fund of funds BitBull Capital. 

    Read More: This Crypto Startup Takes Bitcoin Advocacy to a Whole New Level

    At least one stakeholder remains wary until there is more buying volume in the bitcoin market, however. “Personally I think we need to see sizable purchase volume above

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