Despite the geopolitical issues and US macroeconomic data that have been causing concern in the markets, Bitcoin has managed to please its investors in the past 24 hours. As the price exceeded $29,500 on October 20, Ripple‘s significant victory in the legal battle led to XRP surpassing $0.50. With this development by Ripple, attention turned to Bitcoin spot investment fund applications.
TradingView data shows that BTC/USD pair, which has been approaching the highest levels in two months since the beginning of the week, has been closely monitored. Bitcoin seemed to be benefiting from the events surrounding Federal Reserve Chairman Jerome Powell’s speech yesterday.
Amidst the collapse in the US Treasury market, Powell was under pressure to use appropriate language in his speech, and many analysts believed that interest rates would remain unchanged after this speech. Powell stated the following in his speech:
“The stance of policy is restraining, that is, tight policy is exerting downward pressure on economic activity and inflation. A small increase may allow inflation above target to become entrenched and ultimately require monetary policy to draw from the economy more persistent inflation at a high cost to employment. Too large an increase can unnecessarily damage the economy.”
Following the speech, news came that US regulators dropped criminal charges against Ripple executives. XRP immediately responded to this development and showed an increase of over 6% within 24 hours at the time of writing.
In an environment where expectations for the approval of the US Bitcoin spot ETF are increasing, Bitcoin gained significant momentum overnight. Bitcoin, which is trading at $29,600 at the time of writing, is only $400 away from the candlestick seen during the rise on October 17.
Many analysts have commented on the matter, but the most notable comment came from CrypNuevo. The famous analyst referred to the liquidation data from the past days and warned his followers that long positions were one-fourth higher than short positions. He also warned that Bitcoin could retreat during the US trading session.