Agencies-Gaza post
Bitcoin exceeds $24,000 after US Federal Reserve decision
Bitcoin rose surpassing the $24,000 barrier on Friday morning, coinciding with the rise in stocks after the US Federal Reserve raised interest rates, but indicated that the pace of the increases may slow.
Bitcoin is closely related to US stocks, especially the Nasdaq, which on Wednesday jumped 4%.
Bitcoin rose 5.30% to $24011 thousand during evening trading. Other cryptocurrencies like Ethereum increased by 8.50% according to Sputnik.
On Wednesday, the Federal Reserve increased its benchmark interest rate by 0.75 percentage points as it looks to fight rampant inflation without pushing the economy into recession.
But Central Bank President Jerome Powell indicated that the pace of interest rate hikes could slow in the coming months, which sent stocks higher on Wednesday and which led to a rally during European and Asian trading on Thursday.
“The results of the Federal Reserve’s meeting on Wednesday open a summer window to higher bitcoin prices, given that we now have two months for policy makers to next trade on monetary policy,” Anthony Trenchev, co-founder of cryptocurrency wallet NESCO said.
Bitcoin tried to achieve a steady rally after several failed attempts this month.
The world’s largest cryptocurrency has been trading in a range of between $20,000 and just over $24,000 since mid-June after a brutal crash this year that wiped out 50% of.
