Bitcoin and crypto prices have come under pressure in 2022 as traders feel the fallout from several major industry crashes.
Selim Korkutata | Anadolu Agency | beautiful pictures
Bitcoin rose above $23,000, after stocks edged higher after the US Federal Reserve raised interest rates but suggested the pace of increase could slow.
Cryptocurrencies have a fairly strong correlation with US stocks, especially Nasdaqon Wednesday rose 4%.
Bitcoin was trading at $23,168.88 at around 3 a.m. ET on Thursday morning, up about 9% from 24 hours ago, according to data from CoinGecko.
Other cryptocurrencies also rose. Ether about 13% higher at $1,645.56.
On Wednesday, the Fed raised its benchmark interest rate by 0.75 percentage points as it appears to be to combat rampant inflation without pushing the economy into recession. But central bank chairman Jerome Powell hinted that the pace of rate hikes could slow, which sparked a rally in equities on Wednesday that crippled Europe and Trading Asia on Thursday.
The conclusion of Wednesday’s Fed meeting opens a summer window for a Bitcoin relief rally, as we now have two months until the next policymakers weigh in on policy. currency,” Antoni Trenchev, co-founder of crypto wallet Nexo, said in a research note.
Bitcoin is trying to make a sustained recovery after several failed attempts 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 a devastating crash this year wiped out 50% of its value.
The next 24 hours will be a real test of Bitcoin’s rediscovered resilience after it shrugged off this month’s stellar US inflation data and didn’t wince when Tesla announced it sold. most of the BTC (bitcoin) holdings,” Trenchev said.
