Bitcoin price crosses US$22K; Fed cools recession fears
Categories: Crypto News US
Bitcoin price crosses US$22K; Fed cools recession fears
As investors responded to updated guidance from US Federal Reserve officials on Thursday that claimed bearish concerns were over, the cryptocurrency market rose overnight alongside traditional markets in Asia.
- According to data from CoinGecko, bitcoin rose 8% in the past 24 hours to trade over US$22,000, marking the first time since June 16 at press time, as the crypto market capitalization exceeded US$1 trillion.
- The Dow Jones Industrial Average and the S&P 500 index both ended trading up more than 1% yesterday and the Nasdaq Composite Index closed 2.3% higher, ending four consecutive days of gains - the longest streak since March.
- Fed Board of Governors member Christopher Waller in his address to the National Association for Business Economics on Thursday backed another 75-basis point interest rate hike this month and another 50-basis point next month to tackle inflation.
- Louis Fed Chairman James Bullard echoed Waller's sentiments, but both officials downplayed the downturn.