{"id":10436,"date":"2023-11-07T03:06:01","date_gmt":"2023-11-07T03:06:01","guid":{"rendered":"https:\/\/infundpros.com\/investment\/bitcoin-price-holds-above-35000-the-fed-is-behind-this-rally\/"},"modified":"2023-11-07T03:06:02","modified_gmt":"2023-11-07T03:06:02","slug":"bitcoin-price-holds-above-35000-the-fed-is-behind-this-rally","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10436","title":{"rendered":"Bitcoin Price Holds Above $35,000. The Fed Is Behind This Rally."},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies were little changed Monday, holding at elevated levels after a recent rally as digital assets benefited from bets that the Federal Reserve has finished raising interest rates.<\/p>\n

The price of Bitcoin has traded just above flat over the past 24 hours at almost $35,200, below its recent peak near $36,000 but still trading around the highest levels since cryptos plunged into a brutal bear market in May 2022. The largest digital asset has surged by some 30% in a matter of weeks, snapping out of a multi-month lull of historically low volatility and trading volumes.<\/p>\n

\n

\u201cBitcoin has formed a short-term range with a slight upward bias and trades increasingly confident above $35,000,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cThawing investor sentiment towards cryptocurrencies brings capital back into the industry after a long \u2018winter.\u2019\u201d<\/p>\n

Bitcoin\u2019s latest advances have come amid strong crypto-native catalysts, including optimism that U.S. regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF), which is expected to usher in a fresh wave of investor interest. Geopolitical risks from conflict in the Middle East also have renewed calls of Bitcoin as \u201cdigital gold,\u201d with some traders seeing the token as a haven asset in times of turmoil.<\/p>\n

But the latest catalyst buoying Bitcoin\u2014as bullish traders call for gains to $40,000 or even $$50,000\u2014is upbeat sentiment in wider markets that the Fed has finished raising interest rates. Like the
\n Dow Jones Industrial Average
\n and
\n S&P 500,<\/span>
\n Bitcoin is sensitive to the outlook for rates, since elevated rates tend to dampen demand for riskier bets like stocks and cryptos.<\/p>\n

On the back of the Fed\u2019s latest monetary policy decision and a weaker-than-expected U.S. jobs report last Friday, markets are more firmly pricing in the prospect that the Fed will not hike borrowing costs any further. The odds of another rate-hike from the Fed after its meetings in the coming December, January, March, and May all have fallen significantly from a week ago, according to the CME FedWatch Tool.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014has risen 0.2% to just shy of $1,900. Smaller tokens or altcoins were higher, with
\n Cardano
\n rising 5% and
\n Polygon
\n up 3%. Memecoins were more mixed, with
\n Dogecoin
\n up 4% but
\n Shiba Inu
\n hovering around flat.<\/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":"

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