September 27, 2020

Bitcoin rises above $ 8,500 amid expectations of dollar depreciation

Bitcoin rises above $ 8,500 amid expectations of dollar depreciation

Last night, the price of bitcoin jumped by $ 500 for a couple of hours, reaching the level of $ 8600. The jump occurred after a statement by the US Federal Reserve on plans to increase the money supply.

Fed intentions to print more dollars forreplenishment of the bank balance was perceived as a signal of future inflation increase. Although the Central Bank took such a step to avoid unrest in the financial markets, as well as stimulate lending and investment, but it also increased the demand for cryptocurrency as a hedging tool.

Behind the last day, the Bitcoin exchange rate (BTC) grew by 4.38% and at the time of publication is $ 8596, which is the best indicator for the last 3 weeks. Most altcoins went up 2-5%.

Bitcoin rises above $ 8,500 amid expectations of dollar depreciation

Analysts believe that the news about the creation of a cryptocurrency fund for collecting donations also contributed to the growth, as the price of ether began to rise even before the announcement of the Fed's plans.

In addition to market growth, studies show that the development of the Bitcoin network accelerated in the fall. In September, the share of SegWit transactions increased by 37%.

</p>