On 23 March, the Federal Reserve issued a press release to announce what several influencers in the crypto space are referring to as “Quantitiative Easing Infinity”. The notification stated that the Federal Open Market Committee (FOMC) will purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.
Establishment of two facilities to support credit to large employers – the Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance and the Secondary Market Corporate Credit Facility (SMCCF) to provide liquidity for outstanding corporate bonds.
Although futures for the S&P 500 surged 55.75 points (or 2.44%) in premarket trading (since the Fed made its announcement before the opening of today’s trading session), currently (as of 14:37 UTC), the S&P 500 is down 38.59 (or 1.67%) at 2,266.33.
As for Bitcoin, according to data from CryptoCompare, although it was trading below $6K before the Fed’s announcement, within 65 minutes of the Fed’s announcement, it had reached the intraday high of $6,513, and currently (14:39 UTC) it trades at $6,268, up 3.57% in th past 24-hour period.