Bitcoin ignores Fed rate hike to reach six-month high

After a series of fluctuations in recent days, the price of bitcoin (BTC) reclaimed the 24,000 mark on Wednesday night, rising to levels last seen in mid-August last year.

Although it is down to $23,800 at press time, the largest cryptocurrency is up 3.6% on the day and 42% over the past 30 days, according to data from CoinGecko.

The latest price move follows the Federal Reserve’s decision to raise interest rates by 25 basis points from 4.5% to 4.75%. It also follows January’s bull run, when Bitcoin gained nearly 40% in value — the best performance since 2013, according to

Another spike in interest shows that policy makers — despite the steady growth of the economy — are still worried about inflation, said James Butterville, director of CoinShares Research. Decrypt“The markets don’t buy it.”

Altcoins Join Bitcoin Jump

Bitcoin is not the only one taking a bullish trend amid the latest Federal Reserve decision.

Ethereum (ETH), the second largest cryptocurrency by market capitalization, is up 6.2% and is trading at $1,670 per CoinGecko.

After six months of the Proof of Stake (PoS) era, Ethereum is now gearing up for the long-awaited Shanghai Upgrade, which will allow users to withdraw their deposited ETH. The upgrade test network, named Zhejiang, was run on Wednesday to simulate the process.

Elsewhere in the market, Polygonen (MATIC) is the biggest gainer today with a 13% increase in value, pushing the token’s price to a three-month high of $1.23.

Other top performers include Binance Coin (BNB), which gained 7.5% on the day, and Cardano (ADA), which gained 5.6% over the period.


The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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