The price of Bitcoin (BTC) has jumped to a six-month high and is near $24,000 U.S. following the latest 25-basis point interest rate hike from the U.S. Federal Reserve.
Bitcoin is now at its highest level since August 2022 as investors bet that the U.S. Fed is nearing the end of its interest rate increases.
The biggest cryptocurrency by market capitalization rose 2.5% to trade at $23,880 U.S. following the latest rate increase in the U.S.
Other cryptos also rallied, including Ethereum (ETH), which gained 2.5% to trade at $1,675 U.S. The top 100 cryptocurrencies are now up a combined 37% so far in 2023, outpacing gains in stocks and gold.
Digital assets are rebounding from steep losses only a few months ago following the bankruptcy of crypto exchange FTX. Bitcoin had been trading below $16,000 U.S. in early December.
Charts and technical analysis suggest that $25,000 U.S. could be a level where Bitcoin meets resistance, and the current rally ends. But for now, the price of Bitcoin continues to march higher.
Bitcoin’s all-time high of $68,000 U.S. was reached in November 2021.
