{"id":40956,"date":"2023-11-03T01:46:13","date_gmt":"2023-11-03T01:46:13","guid":{"rendered":"https:\/\/prosfunds.com\/investing\/bitcoin-price-rallies-after-fed-rate-decision-where-they-go-from-here\/"},"modified":"2023-11-03T01:46:15","modified_gmt":"2023-11-03T01:46:15","slug":"bitcoin-price-rallies-after-fed-rate-decision-where-they-go-from-here","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=40956","title":{"rendered":"Bitcoin Price Rallies After Fed Rate Decision. Where They Go From Here."},"content":{"rendered":"
\n
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<\/div>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies advanced on Thursday, lifted by an improvement in appetite for risk as markets increasingly expect that the Federal Reserve is finished raising interest rates in its battle against inflation.<\/p>\n

The price of Bitcoin rose 2.5% over the past 24 hours to $35,300, crossing last week\u2019s peak around $35,000 and nearing the $36,000 mark\u2014its highest level since cryptos accelerated into a brutal bear market in May 2022. The largest digital asset has rallied more than 30% in a matter of weeks, with Bitcoin snapping a multi-month streak of subdued volatility and trading volumes to return to its characteristic action.<\/p>\n

\n

\u201cBitcoin broke the upper boundary of the weeklong consolidation, climbing to $36,000 early on Thursday before retreating,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cTechnically, the recent jump is a confirmation of the bullish bias. Bitcoin may not face significant resistance until $41,000, but the maximum target for this momentum is $46,000, where there was the last reversal.\u201d<\/p>\n

Multiple forces are pushing crypto prices higher. There remains significant buoyancy from optimism that the Securities and Exchange Commission (SEC) will soon approve a spot Bitcoin exchange-traded fund (ETF), which would be expected to usher in a fresh wave of retail and institutional interest. Geopolitical risk from conflict in the Middle East has also renewed calls for Bitcoin as a haven asset, like gold.<\/p>\n

The latest catalyst for crypto gains is Wednesday\u2019s monetary policy decision from the Fed. While the central bank signaled that it could still raise interest rates further to tame inflation, market pricing of rate futures suggests traders are confident that its work is done. The Fed has raised borrowing costs at the most dramatic pace in a generation since early last year as inflation hit a multidecade peak, with a tightening in financial conditions slamming risk-sensitive assets like stocks and cryptos.\u00a0<\/p>\n

Bitcoin, like the
\n Dow Jones Industrial Average
\n and
\n S&P 500,<\/span>
\n has benefited off the back of the Fed decision and the market\u2019s dovish outlook, also underscoring that macroeconomics still matters to crypto traders.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014rose more than 1% to $1,830. Smaller tokens or altcoins were even more buoyant, with
\n Cardano
\n jumping 7% and
\n Polygon
\n 6% higher. It was more of the same from memecoins, with
\n Dogecoin
\n surging 5% and
\n Shiba Inu
\n gaining 4%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies advanced on Thursday, lifted by an improvement in appetite for risk as markets increasingly expect that the Federal Reserve is finished raising interest rates in its battle against inflation. The price of Bitcoin rose 2.5% over the past 24 hours to $35,300, crossing last week\u2019s peak around $35,000 and nearing the […]<\/p>\n","protected":false},"author":1,"featured_media":15140,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[32],"tags":[],"class_list":{"0":"post-40956","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nBitcoin Price Rallies After Fed Rate Decision. 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