Business News Asia
Bitcoin rose above $18,000 yesterday for the first time since November 10, rallying in line with Wall Street. While markets kept an eye on the Federal Reserve (Fed) monetary policy meeting. Bitcoin price rose 2.18% to $18,136.40 before gradually retreating and is now hovering around $17,825.17.
The Dow jumped more than 200 points yesterday, responding to hopes that the Federal Reserve will slow its rate hike after the U.S. import price index fell for the fifth straight month and the consumer price index (CPI) came in below analysts’ expectations, which could indicate that inflation in the U.S. has peaked.
Bitcoin surpassed $69,000 in November 2021, the highest level in history, before falling below $20,000 in June 2022. This came amid fears that the Federal Reserve’s acceleration of interest rate hikes and shrinking of its balance sheet could reduce liquidity in the market and plunge the U.S. into a recession.