Profit-Taking Keeps Bitcoin in Tight Range as Fed Reopens Spigot

Bitcoin and ether fell slightly Thursday as traditional markets climbed on additional stimulus measures by the U.S. Federal Reserve and Bank of England.

Over the past 24 hours, bitcoin (BTC) was down 1 percent Thursday afternoon New York time and ether (ETH) was down 1.2 percent.

Notable gainers on CoinDesk’s big board include dash (DASH) up 8 percent, zcash (ZEC) in the green 8 percent and bitcoin gold (BTG) climbing 4 percent. Digital assets in the red include bitcoin cash (BCH) down 4 percent, tron (TRON) dropping 2 percent and cardano (ADA) slipping 1 percent. All 24-hour price changes are as of 20:15 UTC (4:15 p.m. EDT) Thursday.

In the traditional markets, Asia’s Nikkei 225 index closed flat, down a miniscule 0.04 percent. Japan central bank Governor Haruhiko Kuroda said Thursday that uncertainty about his country’s economic outlook is “extremely high.”

Europe’s FTSE 100 ended the day up 2.9 percent as the Bank of England extended an existing agreement to bankroll the U.K. economy.

Read more: Bitcoin Garners New Users as Governments Flood World With Fiat

In the U.S., the S&P 500 closed New York’s trading day up 1.4 percent. The Federal Reserve announced new stimulus measures to contain the economic fallout from the continuing coronavirus pandemic.

The central bank rolled out a program worth $2.3 trillion, including a “Main Street Lending Fund” of $600 billion to offer support to small and medium-sized businesses, and $500 billion in lending to states and municipalities.

The Fed also expanded the size and scope of the Primary and Secondary Market Corporate Credit Facilities and the Term Asset-Backed Securities Loan Facility to support as much as $850 billion in credit.

After the Fed announced the new measures, bitcoin rebounded from an intraday low of $7,100, quickly reversing a steep decline. It’s currently trading in a sideways range around the $7,200 level.

Bitcoin trading on Coinbase since April 7. Source: TradingView


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