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Bitcoin Tops $67k as FED Leaves Rates Unchanged

Twitter icon  •  Published há 1 mês  •  Hassan Maishera

Bitcoin rallied by 8% on Wednesday to trade above the $67k level after the US Federal Reserve maintained its dovish stance to cut interest rates later this year.

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.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.