Bitcoin Moves Higher After Powell's Comments

Add to BookmarksBitcoin Gains Ground As Fed Chair Jerome Powell Says He Does Not Want To Ban Cryptocurrencies

Bitcoin gained upside momentum after Fed Chair Jerome Powell stated that he had no intent to ban cryptocurrencies. He also added that he wanted more regulation for stablecoins.

This is a positive development for the whole crypto market as regulatory risks have put material pressure on market sentiment after the recent crackdown on crypto in China.

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Not surprisingly, most cryptocurrencies are moving higher after Powell’s comments. Ethereum managed to settle above the 50 EMA at $3,035 and is moving towards the 20 EMA at $3,115. Dogecoin settled above the resistance level at $0.20 and is testing the next resistance which is located at $0.2050, while Shiba Inu is trying to settle above the 50 EMA near $0.0000073.