๐จThe price of bitcoin (BTC) approaches $40,000 as the Fed continues to raise interest rates.
The biggest cryptocurrency in the world, Bitcoin (BTC), reached a new peak in 2023 and is getting near to $40,000. With a market valuation of $761 billion, Bitcoin is now 1.9% higher at $38,919 as of this writing.
Jerome Powell, the chairman of the Federal Reserve, made a hint on Friday that there won't be any more rate increases. This is in addition to positive economic indicators and a decline in US inflation.
This has made it easier for the price of Bitcoin (BTC) to approach $40,000; some analysts predict this will happen very soon. Furthermore, according to a Matrixport analysis, the price of bitcoin may reach $60,000 prior to the subsequent halving in April 2024.
Since November 17, 37,000 BTC, worth $1.4 billion, have been removed from exchanges, demonstrating a trend among investors choosing to keep their coins in direct custody.
With some possible effect from Binance's recent guilty plea, this outflow indicates a desire for a long-term holding strategy. The tendency to hold suggests strong demand and easing sell-side pressure, especially as anticipation grows for the impending debut of a spot exchange-traded fund (ETF) in the US.
