Bitcoin Breaks Above $8,600 Following Surging Stocks on Positive US-China Trade & Fed Stimulus Hints

The Dow Jones Industrial Average rose 0.7% at 26,357 while the S&P 500 index is up 0.9% at 2,918 and the Nasdaq by 1% at 7,903. The ten-year Treasury yields also approached 1.6%.

The markets strengthened on the back of the revived hopes from China, progress is seen in trade talks with the Trump administration this week.

Though a broad agreement seems unlikely, China is open to a limited deal, provided no more tariffs are imposed. In return, Beijing would offer a non-core concession — increase the purchase of agricultural products from US farmers by 50%.

“If we can get the two sides to agree to not raise tariffs any further than where they are, that would be positive,”

said Randy Frederick, a vice president at Charles Schwab.

Another reason behind the market's positive reaction is the Federal Reserve Chairman Jerome Powell’s statement on Tuesday where he said the Fed will resume purchase of Treasury securities to avoid a repeat of the recent turmoil in money markets.

He further hinted at the possibility of another rate cut and investors are looking to gauge the next move by the major central banks.

Gold, BTC, Crypto Market Up

As Powell said, “[The Fed will] soon announce measures to add to the supply of reserves over time,” gold-headed higher at around $1,512 an ounce.

It’s not just stocks and gold that is rising, Bitcoin is also enjoying the greens.

The leading cryptocurrency is currently up 4.83% trading at $8,572, as per Coincodex. The price jumped as high as $8,675 today, up from $7,780 earlier this week.

Source: Coin360

Maker (17.77%), Ethereum Classic (10.05%), Link (9.84%), and Ethereum (6.61%) are leading the gains in the crypto market.

More Gains Ahead

According to Stephen Suttmeier, chief equity technical strategist at Bank of America Merrill Lynch, post-Halloween period likely to bring more treats for equities with 3,100 as the year-end target for the index.

“There’s actually upside towards that 3,200 area if that bullish seasonality kicks in on the S&P,”

he said.

With S&P looking at new highs, as per Tom Lee’s BTC narrative that the flagship cryptocurrency will see new highs when the stock market will, Bitcoin might be in for more gains.

Moreover, the next round of balance sheet expansion, increasing the purchases of short-term Treasury securities, by the Fed will further push BTC up.

Bitcoin (BTC) Live Price

1 BTC/USD =$9,295.2240 change ~ 0.58%

Coin Market Cap

$171.32 Billion

24 Hour Volume

$2.8 Billion

24 Hour VWAP

$9.26 K

24 Hour Change

$53.7010

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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