🚨🚀 Why Is Today's Crypto Market Up? These Are The Main Rally Catalysts

After experiencing a sharp decline earlier in the week that had its value down near $40,000, Bitcoin has surprised observers by making a quick recovery.

It not only made up for its losses by Wednesday, but it had also surpassed $43,000.The recent statement by the U.S. Federal Reserve, which opted to retain its interest rate within the range of 5.25% and 5.50% on Wednesday, is a major factor behind the spike in bitcoin prices. The present range of the Fed funds rate was left intact, however they reduced their forecast for the end of 2024 from 5.1% to 4.6%.

Bitcoin Mining Difficulty Drops

The notable 0.96% fall in Bitcoin's difficulty at block height 820,512—the first decline in the previous six adjustments—was another driver of the cryptocurrency market's rise.

As for the difficulty, it will remain at 67.31 trillion for the next twelve days, or until December 23, 2023. The process of locating a block reward is made easier for miners by this drop, but the hashrate has not increased right away.

Simultaneously, the anticipation of the adoption of the Spot Bitcoin ETF and the impending April halving event loom large, both of which will further restrict the amount of Bitcoin available to prospective investors and will probably drive prices higher.

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