Hassan Maishera
TL;DR
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Bitcoin is recovering from its earlier slump and jumped above the $43k level.
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The rally comes after the US Fed projected rate cuts for 2024.
BTC Back Above $43k
Bitcoin, the number one cryptocurrency in the world, is up by more than 5% in the last 24 hours. Bitcoin surged past the $43k level late on Wednesday following the Fed rate decision.
At press time, the price of Bitcoin stands at $42,792 as BTC has slightly retraced following its late rally on Wednesday. The rally came as the Federal Reserve (Fed) signaled interest rate cuts for next year.
The US apex bank officials left the interest rate at 5.25%-5.5% on Wednesday concluding the December Federal Open Market Committee (FOMC) meeting. However, they projected the rate would reduce to 4.6% by the end of 2024, indicating roughly three 25 basis point cuts.
Bitcoin’s rally also saw altcoins record excellent gains. Ether is up by more than 4% and is currently trading above $2,250 per coin. Cardano’s ADA is the best performer amongst the top 10 cryptocurrencies by market cap, up by 16% in the last 24 hours.
Injective (INJ) has been one of the best performing cryptocurrencies in 2023. The coin reached a new all-time high of $31.45 a few hours ago after adding 28% to its value. Year-to-date, INJ is up by more than 1,800%, making it one of the best performers this year.
BONK has joined the top 100 list after rallyig by 54% in the last 24 hours. At press time, BONK is trading at $0.00001435, up by 13,000% year-to-date.
