Bitcoin Surpasses $23,000 as Expected Fed Interest Rate Slowdown Pushes Price Higher

Bitcoin surpassed $23,000 yesterday, hitting a five-month high, boosted by expectations that the Federal Reserve (Fed) is likely to slow interest rates this year.

The bitcoin price rebounded above $23,000, hitting its highest since August 19, 2022, before slowing to $22,951.25 this morning. Bitcoin is up nearly 39% since the start of the year.

Economists predict that the Fed may slowdown interest rate hikes at the earliest this year, amid slowing inflation. In addition, bitcoin has also received positive factors from the halving phenomenon, which experts expect to occur during March-May 2024.

Bitcoin had previously surpassed $69,000 in November 2021, which was the highest level in history before sinking below $20,000 in June 2022, amid concerns that the Fed’s acceleration in raising interest rates and shrinking its balance sheet would strain market liquidity and push the US into recession.

The Spot Market is Open

Tuesday, January 24, 2023

Crypto
Updated at
USD
Price

Change

%Change
12.10 BTC23,043.85+260.21+1.14
12.10 ETH1,631.37+10.57+0.65
12.10 LTC90.56+0.05+0.06
12.10 BNB322.08+18.41+6.07
12.10 XRP0.42-0.01-0.40
12.10 ADA0.38+0.00+1.12
12.10 DOT6.61+0.27+4.23
12.10DOGE0.09+0.00+1.91
12.10 UNI6.75-0.01-0.22
12.10 LINK7.11+0.08+1.14

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