Industry participants attribute the rally to two factors — central bank monetary policy as well as an upcoming event known as bitcoin halving.
amid the broader plunge in equity markets. But they have now recovered that ground.
Industry participants attribute this to two factors — central bank monetary policy as well as an upcoming event known as bitcoin halving.to cushion the economic fallout from the coronavirus pandemic. They have also signaled their willingness to do more. This has been a factor behind the recent rise in stock markets in past few days, and has filtered through to bitcoin and other cryptocurrencies.
"My sense is that overall markets are not reflecting reality on the ground though, but this is also the result of the Fed in the U.S. being extremely clear that they will do anything to make sure there is economic stability," Vijay Ayyar, head of business development at cryptocurrency exchange Luno, toldU.S.
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