The price of Bitcoin and other cryptocurrencies rose on Thursday in response to investors’ reaction to signs of stress in the regional banking sector in the US, as well as the Federal Reserve’s decision on monetary policy. Bitcoin rose by 2.6%, reaching $29,100 at 6:05 a.m. in London. Ethereum, Cardano, and Solana also showed growth.
Crypto enthusiasts claim that Bitcoin’s rise is due to a loss of trust in fiat currency.
Investors predict a reduction in the Federal Reserve’s interest rate at the end of this year after Chair Jerome Powell hinted that the last increase may have been the final one. “We expect to see significantly more volatility in the months ahead, especially if there are any further aftershocks in US regional banking or concerns around the state of commercial property loans,” said Tommy Honan, Head of Market Analysis at cryptocurrency exchange Swyftx.
