Support for cryptocurrencies was given at a panel held by the US Federal Reserve (FED) on Tuesday. Meanwhile, there will be a development that is thought to affect the price of gold, as well as cryptocurrencies such as BTC and SHIB. FED minutes will be released tonight. Here are the details…
FED panel spoke positively about cryptocurrencies
The speakers at the panel presented by the FED the other day gave a great support to cryptocurrencies. They recommended allowing cryptos to thrive in the US economy, as it would further strengthen the dollar’s status. As the cryptocurrency ecosystem went through a historic low, the comments on the panel delighted the community. The biggest question on the minds of crypto traders has been whether crypto will recover from current lows in the near future.
Panel members said that the use of cryptocurrencies, especially CBDCs, could strengthen the role of the US dollar in the international market. On the regulatory side, they suggested that services offered around crypto assets should be linked to the dollar. Last month, Fed Chairman Jerome Powell spoke about the rapid growth in cryptocurrencies and stablecoins. In light of this, he said the Fed is examining CBDCs. A CBDC could potentially help protect the dollar’s international position, according to the Fed’s whitepaper.
Panelists talked about whether digital assets can change the advantages of the dollar. He also discussed questions such as whether he could strengthen his various roles. Panelists stated that technology alone will not lead to radical changes in the global monetary ecosystem. Also, the Fed panel said that the crypto ecosystem is currently focused on individual investors. Movement towards institutional investors is constrained by the lack of a regulatory framework.
Today, FED minutes are released: How will BTC, gold be affected?
On the other hand, there will be a development that can affect gold, Bitcoin and SHIB, DOGE, ETH today. FED minutes will be published at 21:00 Turkish time. Meanwhile, gold price is consolidating its massive decline of around $1,770, hitting an intraday high of $1,772 during Wednesday’s Asian session. Rising fears of a global recession have joined speculation that China may recall the COVID-induced quarantines. The pessimism increased as the Bank of England (BOE) also published a report describing the bad economic outlook.
However, the US Dollar Index (DXY) rallied to 20-year highs. This negatively affected the gold price. Among them, Wall Street closed mixed. Overall, recession updates seem to be key for gold investors. The Federal Open Market Committee (FOMC) will present the minutes.
Meanwhile, gold analyst Anil Panchal shared his analysis of the technical outlook for gold. After gold’s clear downside break from the $1,875 support, the precious metal is healing its wounds. The oversold RSI indicator supports a corrective pullback. However, precious metal prices remain weak until they break the $1,785 barrier. The analyst points $1,805 and $1,820 as resistance and $1,763 as support.
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