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Bitcoin Back Above $30,000 As Stock Market Rally Falters

Bitcoin (BTC) has risen back above $30,000 U.S., its highest level in two months, as the stock market rally fades amid rising concerns about further interest rate hikes.

Following a blistering three-day rally, Bitcoin is currently trading at $30,200 U.S. per token. Other cryptocurrencies have also rallied, with the price of Ethereum (ETH) nearing $2,000 U.S.

The crypto rally comes as stock markets have declined in recent trading sessions. The benchmark S&P 500 index has decreased 2% since June 16.

Stocks have been trending lower after the U.S. Federal Reserve signaled that it is likely to raise interest rates two more times this year after pausing its rate hikes earlier in June.

Bitcoin’s price is also benefiting from expectations that major financial institutions such as BlackRock (BLK) will gain approval to begin offering Bitcoin exchange-traded funds (ETFs).

Bitcoin, the largest cryptocurrency by market capitalization, has risen nearly 7% over the last 24 hours and is now up 20% in the past week, according to data from CoinMarketCap.

Ethereum, the second largest crypto, has risen 6% in the last 24 hours and is up 15% in the past week.

Other cryptocurrencies and stablecoins are also rallying right now.