Cryptocurrency
Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree
As reported on Coindesk, “Gold is up Monday and so are most cryptocurrencies, seemingly buoyed by the U.S. Federal Reserve’s drastic quantitative easing action to thwart the coronavirus’ effects on markets and the economy. “Bitcoin (BTC) is up 7 percent as of 20:30 UTC. Over the past 24 hours it has been trading in a $5,600-$6,600 range coming […]
As reported on Coindesk, “Gold is up Monday and so are most cryptocurrencies, seemingly buoyed by the U.S. Federal Reserve’s drastic quantitative easing action to thwart the coronavirus’ effects on markets and the economy.
“Bitcoin (BTC) is up 7 percent as of 20:30 UTC. Over the past 24 hours it has been trading in a $5,600-$6,600 range coming out of a quiet weekend for the crypto market.
“Crypto asset performances to note on the day include bitcoin cash (BCH) up 13 percent, litecoin (LTC) in the green 7 percent and bitcoin SV (BSV) up 6 percent. The only asset down in the dumps on CoinDesk’s asset board today is Decred, down less than a percent.
“The Fed’s announcement of open-ended asset purchases plus $300 billion in emergency lending programs to stave off further economic downfall coincided with a boost in crypto and gold prices. The yellow metal is up 3 percent as of 20:30 UTC. However, the central bank’s move wasn’t enough to stop the S&P 500’s continued downward slide. It was down 2 percent as of 20:30 UTC. The S&P 500 is at 2016 levels, erasing nearly four years of gains…”