Bitcoin Tops $67k as FED Leaves Rates Unchanged

TL;DR

• Bitcoin rallied by 8% on Wednesday after underperforming in the last few days.

• The US Federal Reserve has maintained its interest rates amidst strong economic data.

Bitcoin Rallies by 8% After a Poor Start to the Week

Bitcoin, the leading cryptocurrency by market cap, finally caught a break on Wednesday after underperforming over the last few days. BTC’s price surged by 8% yesterday to trade above the $67k level.

At press time, BTC is trading at $66,863. The positive performance came after the Fed policymakers maintained their outlook for three rate cuts by the end of the year. This helped alleviate market concern of a more hawkish stance.

With the Federal Reserve expected to cut interest rates before the end of the year, market analysts are optimistic about Bitcoin’s medium and long-term price outlook.

Ether, the second-largest cryptocurrency by market cap, also performed excellently, adding 11% to its value. The rally saw ETH trade above $3,500 after dropping below $3,200 earlier this week.

Dogecoin is the best performer amongst the top 10 cryptocurrencies by market cap. The memecoin rallied by 16% on Wednesday following Coinbase’s confirmation to list DOGE futures contracts. 

Thanks to yesterday’s rally, the total cryptocurrency market cap is now above $2.5 trillion once again.