Bitcoin hits 17-month high as Powell strikes less hawkish chord

Investing.com– Bitcoin prices rose on Thursday after the Federal Reserve struck a less hawkish tone than markets were expecting, with broader cryptocurrencies also advancing as the dollar weakened and traders bet on no more interest rate hikes.Fed Chair Jerome Powell struck a seemingly less hawkish tone on future rate hikes. While he still left the door open for one more rate hike this year, Powell also acknowledged that monetary conditions had tightened substantially in recent months.

This notion saw traders pivot out of the dollar and into risk-driven assets, benefiting cryptocurrencies. Bitcoin crossed the $35,000 mark for the first time since May 2022. A series of high-profile bankruptcies in the crypto market- including Terra, Three Arrows Capital and most notably FTX, had triggered deep declines in crypto prices over the past year. The world’s largest crypto token had sunk to as low as $15,000 in late-2022.

But the token has been on a tear in recent weeks, benefiting greatly from speculation that an exchange-traded fund that directly tracks the price of bitcoin will soon be approved in U.S. markets.On the technical front, bitcoin was also seemingly close to retracing a bulk of its bear market decline over the past year. headtopics.com

“Just a few hundred dollars higher at $36k is the 38.2% fibo retracement of the entire bear market decline from $69k to $15.5k,” Tony Sycamore, market analyst at IG said in a tweet.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.

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