Bitcoin price retargets $119K as treasuries buy 28K BTC in two days
Main Idea
Bitcoin price rebounds as US Treasury buys 28,000 BTC in two days, with potential for a strategic Bitcoin reserve and market reactions to Fed rate decisions.
Key Points
1. BTC/USD rebounded nearly 3% from Wednesday’s lows after the Federal Open Market Committee (FOMC) held rates steady, with Chair Jerome Powell providing no hints of future rate cuts.
2. The US Treasury purchased 28,000 BTC in two days, sparking speculation about the establishment of a strategic Bitcoin reserve, as confirmed by a White House advisor.
3. Market expectations adjusted to continued labor market strength, with initial jobless claims and inflation data due alongside the Fed’s policy stance.
4. Institutional net buying of Bitcoin reached 97% of all transactions, a level last seen in August 2020, indicating strong institutional interest.
5. Analysts highlighted the significance of the Treasury’s BTC purchases, with one noting, 'Those who know, know,' suggesting insider confidence in Bitcoin’s value.
Description
Bitcoin market sentiment shrugs off a hawkish Fed FOMC meeting in an instant amid fresh promises of a US strategic Bitcoin reserve becoming a reality.
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