After a weeklong selloff, the price of Bitcoin (BTC) has reversed course and risen to $67,000 U.S. as stocks rally after the U.S. Federal Reserve signaled that it still plans to lower interest rates in coming months.
The largest cryptocurrency by market capitalization is currently trading at $67,200 U.S., up nearly 7% in the last 24 hours, according to data from CoinGecko.
Bitcoin has been highly volatile after hitting an all-time high of $73,797.68 U.S. on March 14. The cryptocurrency fell as low as $61,000 U.S. before the selloff suddenly reversed.
The turnaround comes after the U.S. central bank indicated that it is still planning to cut interest rates three times this year.
That news has sparked a rally in equity markets, sending the benchmark S&P 500 index to an all-time high. Lower interest rates are positive for risk assets such as Bitcoin.
The current rise in Bitcoin is also pulling up other digital coins and tokens, with the price of Ethereum (ETH) rising 11% to trade at $3,544 U.S.
