In breaking news, the Bank of England announced that the quantitative easing program will be implemented “at whatever scale necessary” and the price of bitcoin is back above $19,500, up 3% today.
Bank of England Quantitative Easing: A Good Time to Invest in Bitcoin?
It may be too soon to end the 2022 bear market, dubbed in the media “thecrypto winter“.
However, many famous traders in the cryptocurrency industry are embarking on a bitcoin hoard trade as market sentiment slowly begins to recover. Earlier in the day, Bitcoin Archive (@btc_archive) asked its 1.1 million followers on Twitter to “buy bitcoin” after the BOE’s quantitative easing announcement.
Bitcoin price rise
the trader crypto Michaël van de Poppe (@CryptoMichNL) expects bitcoin price to rally back to $20.7000 and $22.5000, if $19.3000 can be returned to support.
“The price of bitcoin breaks through and reaches $18.9000. A continuation, in which the weakness in the price of bitcoin DXY and lower yields due to the BoE re-initiating QE, drive strength on #Bitcoin.”
At the time of writing, bitcoin has reached an intraday high of $19,650now consolidating around the peaks.
The 2021 rally for cryptocurrencies and equities took place during a period of quantitative easing, but throughout the 2022 correction the Fed made a quantitative adjustment (QT).
Some sources are now optimistic that the Federal Reserve may soon abandon this policy, including Coindesk – which could stimulate a market rally for risky assets.
Stock market rebound
the S&P500 also rebounded from yearly lows. Crypto Damus (@AstroCryptoGuru) tweeted:
“After 10 to 12 red daily measurements, the SPX eventually rebounds to yearly lows and the daily RSI is oversold.”
DXY correction
Today, the DXY experienced its first sale significant for some time, down 1.2%. Daan Crypto Trades (@DaanCrypto) tweeted to his 182,000 followers:
“It’s a fine day to say that the price of DXY is at the highest.”
Earlier today, TraderSZ (@trader1SZ) opened a long position on the pair GBP/USD and is currently taking profits as the Pound gained several points against the Dollar today, following its recent slump.
pentoshi (@Pentosh1), one of the most followed crypto Twitter accounts, tweeted to his 613,000 followers that he is buying bitcoin at these levels:
“I bought here as mentioned. Macro doom from 64,000 to 19.3,000. I’ve flipped to neutral with a short to mid-term bullish bias as things settle down and top speed is reached on terminal rates.”
The total capitalization of the cryptocurrency market once again exceeds $900 billion. The month of October is often called “Uptoberon crypto Twitter, as it is historically a good month for cryptocurrencies, unlike September.
The analyst of Crypto News Jacob Bury (@BuryCrypto) tweeted:
“Investors need a history lesson. September is statistically an infamous month for crypto, we are going to see some volatility and price drops. But in October, November and December…”
The best cryptocurrency to buy right now
Bitcoin may be the best cryptocurrency to hold now. Altcoin Sherpa (@AltcoinSherpa) tweeted:
“The altcoins not really attracting offers at the moment, too much uncertainty in the market. Once $BTC finds some sort of trend/stability, we should see more light regarding alts’.”
If bitcoin can exceed the $20,000 and start a new uptrend, and if the year-long US Dollar bull cycle slows, new low-cap coins could outperform.
tamadoge (TAMA) listed on the OKX exchange yesterday, its initial offering, and soared around 90% at launch before a rally.
Back in the news again, Terra Classic (LUNC) was among the biggest gainers in cryptocurrency on the day.
As to (QNT) was also one of the top cryptocurrency gainers this month.