Bitcoin keeps overnight gains as Australia's central bank scraps liquidity-boosting bond purchases. reports godbole17
Bitcoin prices were steady during early Tuesday after the Reserve Bank of Australia terminated the liquidity-boosting bond purchase program, also known as quantitative easing , and tamed rate hike fears.an end of the weekly A$4 billion in government bond purchases and maintained the benchmark interest rate at a record low of 0.1%. Most economists had predicted an end of the QE, with the jobless rate dipping to a 13-year low of 4.2% and core inflation surging to seven-year highs of 2.6%.
While the RBA followed the Fed's lead on ending QE, the Australian central bank pushed back against rate hike expectations."Ceasing purchases under the bond purchase program does not imply a near-term increase in interest rates," Governor Philip Lowe said in a statement."The board is prepared to be patient as it monitors how the various factors affecting inflation in Australia evolve.
RBA's dovish tone weighed over the Aussie dollar, sending AUD/USD down 50 percentage points towards 0.70 and perhaps helping bitcoin and other risk assets maintain overnight gains. Bitcoin has nearly halved in value since peaking near $69,000 on Nov. 10, predominantly due to fears of faster Fed tightening. The cryptocurrency's fortunes are closely tied with the equity markets, with the 60-day correlation between the two assets now at 65% versus virtually zero in 2017. The sensitivity to stock market gyrations and macro factors like central bank decisions perhaps stems from increased institutional participation. Besides, bitcoin has been one of the inflation trades.
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