Good Morning, Bitcoin (BTC): Cryptocurrency Preserves Gains After Powell Speech

While the traditional market does not wake up, the Crypto Times come give Bitcoin a good day. Check out a brief summary of what could affect the market this Wednesday (8).

O Bitcoin it continues to move around US$ 23 thousand dollars and today starts the day with a slight drop. O ether it rises 0.26% early on Wednesday and is trading near the $1,700 level. The market value advances and is priced at US$ 1.09 trillion.

Yesterday, the speech by the president of the Federal ReserveJerome Powell calmed risky asset investors. powell reassured the markets by saying that the country is now in the initial phase of disinflation.

No surprises, play along

André Franco, chief analyst at Mercado Bitcoin, says the last few days in the crypto world have been both volatility-free and surprise-free.

“In the data on-chain we saw another 2,000 bitcoins added to the hands of long-term (LTH) investors. In Ethereum, more than 11 thousand new ETH were locked in the Beacon Chain”, he says.

As for Fernando Pereira, content manager and analyst at Bitget, one of the main signs that the bear market has really come to an end is exacerbated optimism and FOMO (fear of missing outor “fear of being left out”) seen in cryptocurrencies related to AI.

“Several projects went from 100% appreciation in a matter of hours, as used to happen during bull market periods. Investors are already feeling safer to invest in smaller projects,” she says.

It is worth mentioning that normally altcoins – cryptoactive alternatives to Bitcoin – skyrocket shortly after a strong Bitcoin rally.

The market’s fear and optimism index returned to levels of optimism after the speech by powell yesterday. The index advanced four points compared to the previous day and points to 58 of 100.