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November 2, 2023

Bitcoin Bull Run Continues as U.S. Fed Pivot Boosts Crypto Market

Emily Tremblay
Written byEmily TremblayWriter
Researched byNikos PapadopoulosResearcher

Introduction

BitMEX co-founder Arthur Hayes has been bullish on Bitcoin in the last few months and recommended the crypto community to buy the dip when BTC price was trading under $25,000. Bitcoin is up 75% this year and the U.S. Fed Reserve pivot confirms a massive pre-halving rally, the crypto market awaited after the most devastating bear market crypto community has ever seen.

Bitcoin Bull Run Continues as U.S. Fed Pivot Boosts Crypto Market

U.S. Federal Reserve Pivot

In response to a possible U.S. Federal Reserve pivot, Arthur Hayes, co-founder of BitMEX, in an X post on November 2 said “Guess it’s time to pump financial assets. Over to you BTC, LFG!” The U.S. Fed kept interest rates unchanged at 5.25% to 5.50% in the FOMC meeting on Wednesday. Fed Chair Jerome Powell said, “slowing down is giving us, I think, a better sense of how much more we need to do, if we need to do more.” However, the probability of a rate hike in December remains. But every measure of inflation is above the Fed target of 2%, with the Fed’s preferred gauge to measure inflation annual core PCE cooling to 3.7%. Arthur Hayes suggests it’s time to focus on Bitcoin and other crypto from treasury bills. As the Fed paused for two consecutive months, other central banks have cover to print money. He expects massive stimulus from China, Europe, and Japan amid the Fed’s dovish approach.

Bitcoin and Other Crypto Rally

Adding on to the positive momentum of October, BTC price hit a year-high of $35,919. Bitcoin is currently trading at $35,193 due to profit booking by traders. Meanwhile, SOL price soared 13% in the 24 hours, with other top crypto including ETH, XRP, ADA, and DOGE also picking up bullish momentum.

About the author
Emily Tremblay
Emily Tremblay
About

Emily, a dynamic blend of tech-savvy and casino enthusiast, hails from the snowy landscapes of Canada. With her innate grasp of cultural nuances, she ensures online casino guides resonate deeply with Canadians. Emily's spirited and engaging nature makes her a favourite among peers.

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