Bitcoin and cryptocurrency prices are under pressure in 2022, and traders are feeling a fallout from many major collapses in the industry.
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Bitcoin It surpassed $ 23,000 following a rise in stock prices after the Federal Reserve raised interest rates, suggesting that the pace of rate hikes could slow.
Cryptocurrencies are US stocks, especially NasdaqSoared 4% on Wednesday.
Bitcoin traded at $ 23,168.88 around 3am Thursday, up about 9% from 24 hours ago, according to CoinGecko data.
Other digital coins have also risen. ether It was about 13% higher at $ 1,645.56.
On Wednesday, the Fed Benchmark interest rate raised by 0.75 percentage points It seems to fight rampant inflation without falling into recession. However, central bank chair Jerome Powell has suggested that the pace of rate hikes could slow down. Thursday Asian Trading..
“The conclusion of the Fed meeting on Wednesday opens the summer window for Bitcoin relief rallies, given that policymakers have two months to discuss monetary policy next,” said co-founder of crypto wallet Nexo. Antoni Trenchev said in a research note.
Bitcoin is about to stage a lasting rally after several failures this month. The world’s largest cryptocurrency has been trading in the range of $ 20,000 to just over $ 24,000 since mid-June, after this year’s brutal crash wiped out 50% of its value.
“The next 24 hours, after Bitcoin shrugged off this month’s excellent US inflation data and unflinched when Tesla announced that it had sold most of its BTC (Bitcoin) holdings, Bitcoin It will be a true test of the rediscovered resilience of the coin, “Trenchev said.