Bitcoin Crosses $30K Resistance Amid Rumors Of Fed Policy Shifts
Bitcoin bulls gained the upper hand during the Tuesday trading session and crossed the $30,000 level. This is the first time in almost 10 months that Bitcoin (BTC) has managed to cross the $30K hurdle.
After the recent economic indicators, the crypto markets are now hoping for a less hawkish Fed, which means lower chances of rate hikes.
In addition, the clouds of the banking crisis have also started to lift, which ultimately improved the market sentiment as well!
Bitcoin (BTC) Is Up By 6.3% For The Day
Bitcoin (BTC), which is the biggest cryptocurrency in terms of capitalization, gained 6.3% during the early Tuesday session. At the time of writing this, Bitcoin was trading near $30,061, which is one of its highest levels in the last 10 months.
In addition, other crypto assets such as Dogecoin, Ethereum, and Binance Coin (BNB) have also joined the bulls party along with Bitcoin (BTC).
Just like Bitcoin, Ethereum (ETH) is also up by 3.3% for the day and is closely following Bitcoin's lead. Similarly, the Ripple coin has also gained 2.3%, which represents a market-wide bullish trend.
After the recent gains, the total capitalization in the crypto market now stands at $1.4 trillion and is on its way to touching the $1.5 trillion level!
If we look at the BTC's performance in 2023, it is already up by 80%, which is some impressive gains when we look at other asset classes.
The biggest factor that's supporting bullish sentiment in Bitcoin is the hope that Fed will now be introducing fewer rate hikes in the next few months.
Just like the crypto market, the stock markets also joined the bullish bandwagon on Tuesday. However, we can't say the same about the US Dollar, which lends its strength to higher interest rates!
Looking ahead, Fed's policy regarding interest rates will play a major role in determining the next direction of Bitcoin & other crypto asstes.