Bitcoin spikes above the $24,000 mark after US Federal Reserve meeting

Soon after the United States Federal Reserve chair informed that the inflation had begun to slow down, bitcoin broke through the $24,000 mark reaching $24,161.27 according to Coinmarketcap, a cryptocurrency trading information platform. “Bitcoin’s nearly 40% increase in price this January makes it the best start to the year since 2013 in terms of monthly returns,” Vikram Subburaj, CEO, Giottus, a cryptocurrency trading platform, told FE Blockchain.

According to Coinmarketcap, the cryptocurrency market leaped by $280 billion. However, the global cryptocurrency market capitalisation is at $1.09 trillion, the report noted. “Economic indicators globally are improving, though, we believe they require a few additional months to become robust,” Subburaj explained.

According to CoinGecko data, the value of Solana, Axie Infinity, and Decentraland has doubled. In the midst of widespread decline in digital assets, at the time of writing the story, Bitcoin fell 2.9% to $23,111. Furthermore, industry experts claimed that Federal Reserve rate hikes are an attempt to bring inflation to a target level of 2%. “I believe that the year after the bear market is usually mixed with five or six negative months overall. However,  digital asset world is more persistent to inflation,” Subburaj, added.

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