Key Points:
Bitcoin has rebounded from its latest decline as hopes for strategic reserves have replaced concerns over Federal Reserve policy.
The BTC price target is set at $119,000, up nearly 3% from the lows during the FOMC meeting.
Despite market volatility, corporate Bitcoin reserves increased by nearly 30,000 BTC in just 48 hours.
Bitcoin (BTC) saw a rapid rebound on Thursday as the market shifted from concerns about the Federal Reserve to excitement over strategic reserves.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD rebounded nearly 3% from a local low on Wednesday.
This came alongside a more hawkish-than-expected outcome from the Federal Reserve meeting regarding interest rates.
Chairman Powell remained silent on future rate cuts, and the Federal Open Market Committee (FOMC) kept rates at current levels, including any hints of policy easing at the next meeting in September.
"Despite the volatility in net exports continuing to affect the data, recent indicators suggest that economic activity growth has slowed in the first half of this year," Powell summarized in the accompanying news statement.
Data from CME Group's FedWatch tool indicates that market expectations have shifted to favor maintaining interest rates unchanged for the next two months.
Powell added that, given ongoing concerns about the strength of the labor market, employment data will be more important in the future. Initial jobless claims will be released on Thursday, along with the Fed's "preferred" inflation measure, the Personal Consumption Expenditures (PCE) index.
The FOMC results showed that Powell ignored pressure from U.S. President Trump to lower rates or resign, telling reporters he had no "updates" on the latter.
However, just after the meeting concluded, Robert "Bo" Hines, executive director of the President's Digital Asset Advisory Committee, stepped in to save the day.
He stated that the White House still plans to establish a strategic Bitcoin reserve and will "begin soon."
"We understand the importance of a strategic Bitcoin reserve, we are huge supporters of Bitcoin and the Bitcoin community, and we want to serve them, and I believe we will," he said in an interview.
As a result, Bitcoin's price movements have been highly volatile, with nearly $500 million in liquidations across cryptocurrencies as of the time of writing, according to CoinGlass.
Behind the scenes, corporate Bitcoin reserves have been increasing their exposure without hesitation.
"When you're worried about the Fed, Bitcoin reserve companies just experienced one of their largest buying days ever yesterday," said Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, in a post on X.
Capriole's data shows that total reserve purchases on Tuesday and Wednesday approached 30,000 BTC.
"Institutional net buying just broke above 97% of all trades," Edwards added in another post on Thursday.
Related: White House Releases Long-Awaited Cryptocurrency Regulatory Recommendations Report
Original: “Bitcoin Price Target Resets to $119K—28K BTC Added to Treasuries in Two Days”
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