Bitcoin (BTC) Price Climbs As Fed Meeting Suggests Slowing Down Interest Hikes

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Bitcoin (BTC) and its fellow cryptocurrency assets made a little recovery today that helped the market cap of the cryptocurrency market by 2.1 percent over the last 24 hours.

Bitcoin peaked at $16,769 before settling at $16,702 at the time of this writing, as reported by latest tracking from Coingecko. Its rival, Ethereum (ETH), is up by greater than 3 percent during the previous day and is currently worth $1,211.

All crypto altcoins ( crypto stablecoins excluded) belonging to the top 10 based on market cap tallied increases on their own, with Litecoin (LTC) leading the charge with its 35.4 percent price pump during the last 7 days.

Solana (SOL) which was hit hardest by the collapse of the FTX cryptocurrency platform, likewise registered an increase, going up by 10.5 percent over the last 24 hours to trade at $14.55.

Collectively, Bitcoin (BTC) and the crypto altcoins helped the cryptocurrency market push its overall valuation to $874 Billion although it is still significantly lower than its market capitalization towards the end of October and the 1st days of November.

Bitcoin Price Climbs As Fed Meeting Suggests Slowing Down Interest Hikes

: EuroNews

Fed Reserve To Slow Down Price Hikes; Bitcoin (BTC) Responds Positively

Despite the fact that the threat of fall continues  to grow and is looming just around the corner, officials of the Federal Reserve have announced its intends to decrease its interest rates.

It can be recalled that since March this year, the United States monetary authority has been aggressively raising interest prices to combat inflation. In just a matter of few months, the near-zero price rose to a 15-year high of 3.75 to 4%.

That was just the tip of the iceberg as the office has publicly expressed its plans continuation implementing hikes until such time that inflation change price hit the 2 percent target.

The strategy to is for the Federal Reserve to have enough time to evaluate the effects of the previous interest price increases to the country’s economy.

Shortly after this went public, Bitcoin (BTC) responded positively as it went up by greater than 2.5 percent and breached the psychological $16,700 marker.

Still An Uphill Go up For Bitcoin, Cryptocurrency Assets

Even though Bitcoin (BTC) and Ethereum (ETH) and some of the more well known crypto altcoins managed to paint their immediate charts in green, they are still far from their level when the cryptocurrency market made a positive trend in late October.

Bitcoin continues  to struggle hitting the $17K region once once more and is now a few steps away from the $21K territory it reclaimed earlier this month. In the same passion, Ethereum (ETH) is likewise miles away from the kind of performance it had when it rallied to topple the $1,700 barrier region.

Nonetheless, if these digital currencies are able to keep the ship afloat over the upcoming few days, there is a good chance that the cryptocurrency market will the year in a better shape as it prepares to start 2023 in a good note.

Bitcoin Price Climbs As Fed Meeting Suggests Slowing Down Interest Hikes

Bitcoin market capitalization at $317 Billion on the daily chart | image from Coin Edition, Chart: TradingView.com

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