Bitcoin, Ethereum And XRP Prices Prediction - Why Powell May Have Just Done Crypto a Big Favor
On January 12, Bitcoin (BTC), the world's largest cryptocurrency, is staying bullish as it's breaking above the $17,500 level. While Ethereum's (ETH) price is consolidating in a narrow range of $1,320 to $1,345 levels. whereas Ripple is on a bullish run, having surged over 5% to $0.3700.
The initial market panic that followed Sam Bankman-FTX Fried's exchange's collapse in early November appears to be subsiding. For the first time since FTX went bankrupt, the Chicago Mercantile Exchange (CME) Bitcoin posted for the next three months is fetching a premium above the prevailing spot market price.
The return on the premium suggests that institutional trading is shifting away from the short side. Midway through November, skilled traders put bearish bets to protect against a deeper FTX-induced collapse in the leading cryptocurrency, sending CME futures into a record discount.
In spite of this, Bitcoin has proven more stable than many anticipated over the past two months, with its decline being stopped at roughly $16,000.
While addressing stubbornly high inflation, Federal Reserve Chairman Jerome Powell emphasized the importance of the central bank being independent of political influence. Powell told the Riksbank in Sweden that bold, politically risky measures are necessary to stabilize prices.
“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy.”
Powell made these comments at a forum where the topic of discussion was the autonomy of central banks; a Q&A session was scheduled to follow Powell's remarks.
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