At the congress held in the USA today, we conveyed the last minute statements of Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen on Twitter.
Fed Chairman Powell: The Fed has no plans to ban cryptocurrencies.#Bitcoin #BTC #cryptocurrency
— Bitcoin System (@bitcoinsystem) September 30, 2021
If it is necessary to evaluate the subject in detail through the news; The main topic of today’s congress for the market was the explanations to be made about cryptocurrencies. After the bans from China, many experts were in dilemma about whether similar bans would come from the USA.
“Do you have an idea to ban the use of cryptocurrencies?” asked Ted Budd of North Carolina in Congress. The following statement was made by the FED Chairman:
There is no intention to ban them, however, you know, stablecoins are like money market funds and they are like bank deposits. But to some extent they are outside the regulatory environment. It is appropriate to arrange them.
This rhetoric was received positively, as it would be positive for the market to regulate stablecoins in a legal framework, and Powell made it clear that he has no intention of banning cryptocurrencies.
After these news, BTC rose to $ 44,100 levels during the day. In particular, many analysts state that the critical level for the start of new rallies in BTC is $ 44,000. Future daily closes above this level may trigger the uptrend in BTC again.