Bitcoin roars back more than $3000 from the lows

Ugly trading in Asia has led to big buys in the US.

Bitcoin is up more than $3000 from the low in US trade of $62,328 and is trading at $65,681. Despite the huge pop, it’s still down 2.5% on the day as the market frets about ETF inflows and the latest buy (which is done) from Microstrategy.

The turn in bitcoin came at almost the same time as the rebound in the Nasdaq and broader US equity markets. That speaks to broader sentiment rather than something bitcoin specific. There has been a high correlation between the Nasdaq and bitcoin this year so that isn’t a surprise.

The main risk in the day ahead is the FOMC decision but the market appears to be growing more comfortable with the potential for the dot plot to be lowered to 50 basis points, so long as Powell maintains a constructive tone.

This article was written by Adam Button at www.forexlive.com. Source