Exciting development for those with cryptocurrency!
With the expectation that the US Federal Reserve (Fed) will slow down the interest rate hike cycle against inflation increasing investors' risk appetite, the price of Bitcoin, the highest-volume cryptocurrency, rose above $ 20,000 again after 3 weeks.
The value of the global cryptocurrency market, including Bitcoin, rose nearly 7 percent in just 24 hours to more than $1 trillion, according to data from analytics firm Coinmarketcap. The price of Bitcoin, the largest cryptocurrency, rose 7 percent as investors' risk appetite was boosted by hopes that the Fed would slow its interest rate hike cycle amid concerns of an "economic recession".
Bitcoin is trading at $ 20,750 at the moment, rising above $ 20,000. Bitcoin has been trading below $ 20,000 for 3 weeks.
Meanwhile, Bitcoin's value increase in the last 7 days has approached 9 percent. Bitcoin's market capitalization also rose above $ 398 billion.
Bitcoin, which was at an all-time high of $ 68,990 in November 2021, has lost nearly 70 percent since that date.
Ethereum, which ranks second in terms of market capitalization, has also gained more than 15 percent in the last 24 hours, reaching $ 1,585.
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