Breaking: Bitcoin price hits $30,000

Bitcoin price has breached the $30,000 psychological level, to trade at $30,150 at press time.

Taking off like an arrow from the bow, the flagship cryptocurrency has recorded a steady streak of higher highs.

Experts attribute to the surge not to fake news of a spot BTC ETF approval, but to Federal Reserve chair, Jerome Powell, on Friday during the Economic Club of New York.

In his speech, Powell spoke of the rising yields on long-term US treasuries. He also alluded to the that the Fed possibly seeing its way to pausing its interest rate hikes during the next meeting, slated for November 1.

The prospective pause depends on inflation data, in the sense that inflation suddenly shooting up could delay the pause, attracting more rate rises. Conversely, if inflation fails to rise, then the pause could go into effect.

For the layperson, a Fed pause differs from a Fed pivot, with the latter happening when the Fed starts bringing interest rates back down again. Notably, such a reality may still be distant, not to be expected anytime soon. The more plausible scenario is interest rates staying at their current levels for a while.

BTC/USDT 1-day chart

Also Read: Bitcoin price did not need fake Spot BTC ETF news to break $29,000 barrier

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.