Bitcoin rallied on Friday after falling to a three-month low earlier in the week after the Federal Reserve signaled more rate hikes may be imminent.
Bitcoin’s price is up 2.7% in the last 24 hours to around $25,570. That’s a rise after dipping below $25,000 on Thursday, but still below the $26,000-$27,000 range that has prevailed for most of the period since the top digital asset in April a 10-month period -Reached a high of over $30,000.
Higher…
Bitcoin rallied on Friday after falling to a three-month low earlier in the week after the Federal Reserve signaled more rate hikes may be imminent.
Bitcoin’s price is up 2.7% in the last 24 hours to around $25,570. That’s a rise after dipping below $25,000 on Thursday, but still below the $26,000-$27,000 range that has prevailed for most of the period since the top digital asset in April a 10-month period -Reached a high of over $30,000.
Higher interest rates tend to weigh on riskier assets, but stocks have rallied since the Fed’s decision on Wednesday to pause rate hikes. Crypto got a boost when BlackRock (Ticker: BLK), the world’s largest asset manager, filed an application with regulators on Thursday to set up a Bitcoin exchange-traded fund. It adds credibility to cryptocurrencies, weeks after the Securities and Exchange Commission officially accused exchanges Binance and Coinbase (COIN) of trading unlicensed securities.
“BlackRock’s efforts to double down on the supply of crypto products to its customers is a welcome development for the industry,” said Yuya Hasegawa, crypto market analyst at Bitbank. “However, bitcoin price failed to fully recoup the loss following the Fed initiative.”
Other cryptocurrencies also gained. Ethereum, the second largest coin, gained 2%. Cardano is up 2.2%, Polygon is down 3.4%, Dogecoin is up 1.8%, and Shiba Inu is up 2.7%.
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