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TipRanks 2022-11-24 17:29:16

This Week in Crypto: Dovish Fed Sparks Rebound

Bitcoin Unchanged as Massive Dormant Wallet Reawakens As market participants continue to wade through the aftermath of the FTX debacle, Bitcoin (BTC-USD) prices are unchanged week-over-week, down just 0.2%. Dovish Federal Reserve Meeting Minutes telegraphing the likelihood of a slower pace of rate hikes over the coming months helped Bitcoin storm back from weekly lows of ~$15,650 to trend near $16,600. Sentiment among Bitcoin traders remains dampened as the number of coins flowing out of exchanges reached the fastest pace recorded in 2022, and miners continued offloading their reserves amid the ongoing crypto winter.

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