Bitcoin’s last bull run hit over $19,000, the highest level since Nov 8, 2022 when FTX blocked withdrawals and declared bankruptcy three days later.
The highest price of Bitcoin at dawn Jan 13 was $19,117, up more than 4% over the past 24 hours and over 15.5% since the $16,541 mark at the beginning of the month. The largest cryptocurrency in the world is now trading at $18,862 on CoinMarketCap. Bitcoin’s recovery momentum in the past days is due to US inflation data that has dropped for 6 consecutive months and reached the lowest level since Oct 2021. The market expects that with this information, the Fed will slow down the pace of interest-rate hikes.
The next Fed meeting to announce interest rates will take place on Feb 1. In the latest report released, the agency, which is considered the US central bank, said that it still maintains its strategy of raising interest rates in 2023, with a target of 5.1%. For comparison, the interest rates in 2022 have been raised from 0.25% to 4.5%.
However, Bitcoin’s recovery doesn’t seem to have had much of an impact on the crypto market yet. The second largest cryptocurrency, Ethereum (ETH), topped the day at $1,438, also its highest price since Nov 8, 2022 while other top altcoins are still moving sideways with little volatility.
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