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Bitcoin surges above $38,000 on hopes of Fed policy shift, eyes bull run

Published Nov 29, 2023 02:48
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Cryptocurrency enthusiasts have witnessed Bitcoin's significant recovery as the digital currency surpassed the $38,370 mark on Tuesday. This latest surge reflects a growing interest in cryptocurrencies and is buoyed by expectations of a shift in Federal Reserve policy towards lowering interest rates, amid signs of slowing inflation.

Bitcoin has climbed an impressive 129% this year, after a tumultuous 2022 which saw the cryptocurrency take a steep dive. The upbeat mood in the crypto market has been further amplified by comments from Fed governor Christopher Waller, which suggested that the central bank could consider reducing rates, a move that traditionally benefits risk assets like cryptocurrencies.

Despite the U.S. Securities and Exchange Commission's (SEC) decision to delay its ruling on the applications for Bitcoin ETFs by Hashdex and Franklin, the market's momentum remains undeterred. Crypto analysts pointed out these postponements, yet they seem to have had little impact on the growing investor enthusiasm for Bitcoin and other digital currencies.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Bitcoin surges above $38,000 on hopes of Fed policy shift, eyes bull run
 

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