Bitcoin rebounded on Friday after falling to a three-month low earlier in the week after the Federal Reserve indicated that more interest rate increases could be in the future.
Bitcoin price increased by 2.7% over the past 24 hours, to around $25,570. This is higher after falling below $25,000 on Thursday, but it is still below the $26,000-$27,000 range that has dominated most of the period since the largest digital asset hit a 10-month high above $30,000 in April.
higher …
bitcoin
It rebounded on Friday after falling to a three-month low earlier in the week after the Federal Reserve indicated that more interest rate increases could be in the future.
price
bitcoin
It gained 2.7% over the past 24 hours to around $25,570. This is higher after falling below $25,000 on Thursday, but it is still below the $26,000-$27,000 range that has dominated most of the period since the largest digital asset hit a 10-month high above $30,000 in April.
Higher interest rates tend to hurt riskier assets, but stocks have rallied since the Federal Reserve’s decision on Wednesday to pause interest rate hikes. Crypto got a boost when the world’s largest financial manager, BlackRock (stock ticker: BLK), filed an application Thursday with regulators to create Bitcoin exchange fund. It adds credibility to crypto weeks after the SEC officially charged Binance and Coinbase (COIN) exchanges with trading in unlicensed securities.
“BlackRock’s effort to double down on providing its customers with crypto products is as welcome a development as the industry,” said Yuya Hasegawa, crypto market analyst at Bitbank. “However, the bitcoin price failed to fully recover from the post-Fed loss.”
Other cryptocurrencies have also gained.
ethereum,
The second largest currency, it added 2%.
Cardano
increased by 2.2%,
ribbed
decreased by 3.4%,
Dogecoin
increased by 1.8%, and
shiba inu
It was up 2.7%.
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