Bitcoin Reaches $24,000 After FOMC: Rally To Continue?

Sahana Kiran
Source – Unsplash

The cryptocurrency industry was regularly impacted by macro events in 2022. The Federal Reserve and its FOMC meetings have been pertinent. Earlier today, the Fed put forth another increase in interest rates of 25 basis points. However, it has been the lowest hike since March 2021. Following this, the market persisted in its bullish notion and Bitcoin [BTC] hit a high of $24,000.

After soaring to a high of $24,167.21, the king coin dipped to $23,938.28, at press time. Nevertheless, Bitcoin’s 24-hour gains remained at 3.60%. Additionally, the global cryptocurrency market cap rose by nearly 4% pushing the total numbers to $1.09 trillion.

However, Jerome Powell, Federal Reserve Chairman suggested that inflation will prolong and the country needs to prep for “ongoing rate rises.” He added,

“We see ourselves as having more persistent inflation in that [services] sector, which will take longer to get down, and we have to complete the job. That’s what we’re here for.”

Market remains bullish about Bitcoin

Despite the cryptocurrency market’s significant surge, investors did not seem to have the urge to sell. While the supply on exchanges witnessed a notable drop this year, the larger community seemed to have moved on from FTX’s collapse. On-chain analytics firm, Santiment elaborated on the same and said,

“FTX saga from last year has placed a spotlight on self-custody and is probably responsible for a huge reduction in Supply on Exchanges since Nov 2022, I think enough time has passed for folks to more or less become degen again. Especially when Binance coins are pumping all over, it’s hard not to send funds in to buy. On that same note, to sell as well.”


Santiment further suggested that this is a bullish presumption considering no one is in a hurry to offload any of their cryptocurrency from exchanges. Following the meeting and Bitcoin’s pump, several noted how individuals wouldn’t be able to “buy the dip” for a while now.