Bitcoin (BTC) Surpasses $60k Mark As US Fed Maintains Unchanged Interest Rates
Following a decline since April 30th, during which the price dipped below $58,000, Bitcoin (BTC) has experienced a significant rebound. As of this morning, Bitcoin (BTC) briefly surpassed the $60,000 mark, suggesting a potential path toward the critical $65,000 threshold.
This resurgence in Bitcoin’s price is mainly credited to the Federal Reserve’s choice to keep interest rates steady, citing inadequate progress in mitigating inflation. In this case, analysts view this price surge as pivotal for a potential rally.
The Federal Reserve emphasized the ongoing challenge of high inflation, announcing that it would refrain from reducing interest rates until it is confident that price inflation is consistently slowing towards its 2% target.
This decision has maintained the central bank’s key rate at its highest level in over two decades, ranging from 5.25% to 5.5% since last July. The Fed aimed to moderate economic growth and address the factors that drive up the prices by keeping borrowing costs elevated. Following its latest meeting, the Fed opted to keep its key rate at around 5%.
Meanwhile, short liquidations in Bitcoin (BTC) surged to over $24 million today in the last 24 hours as the price bounced back from a multi-month low.
Approximately $33 million worth of Bitcoin (BTC) was liquidated due to the market’s volatility. Concurrently, the broader crypto market saw liquidations exceeding $112 million during the same timeframe. Among these liquidations, the majority (approximately $70 million), were from short positions, according to Coinglass.
At press time, Bitcoin (BTC) is trading at a $58,957 threshold, showing a 1.91% rise in the last 24 hours.
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