Bitcoin, the largest digital currency, once more climbed to the $24,000 level.
This morning, the benchmark cryptocurrency achieved a high of $24,258 on the Bitstamp trading platform before experiencing a decline in value.
The recent surge in Bitcoin’s value happened at the same time as a strong surge in U.S. stocks, particularly the Nasdaq 100 index which is known for its strong link to Bitcoin and is up by about three percent.
Meta, the social colossus, saw its stock spike more than 20% even though their earnings failed to meet expectations. Nevertheless, the cost-cutting measures and the $40 billion repurchase program overshadowed the disappointing report.
According to a report from U.Today, the leading digital asset saw minor price fluctuations following the U.S. Federal Reserve’s decision to raise the benchmark interest rate by 0.25%, which was forecasted by the market.
Recently, Jerome Powell, the Chair of the Federal Reserve, has signaled that the central bank would continue to raise interest rates, meaning that the hoped for policy of lower rates will not be happening in the near future.
Yuya Hasegawa, from Bitbank, expressed to CNBC that the Bitcoin rally appears to be in a vulnerable state since buyers are having difficulty recording a daily close over the critical $24,000 mark.
Therefore, it appears that Bitcoin’s impressive growth in January is beginning to slow down.
This year, the most prominent cryptocurrency has seen an increase of over 40%, signifying a significant recovery from the losses suffered in 2022.
It should be noted, though, that the most prominent digital currency has dropped by over 65% from its all-time record