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Fed reduces the pace of rate hikes, Bitcoin surpassed $24,000

Fed reduces the pace of rate hikes, Bitcoin surpassed $24,000

Aligning with market expectations, the rate-setting Federal Open Market Committee boosted the federal funds rate by 0.25 percentage point. Following the news, BTC regained momentum and reached a new high of $24,255, up 46% since the beginning of 2023.

Ethereum (ETH) followed the BTC rally and reached a 5-month high of $1,688. Other major cryptos were also well into the green, gaining from 4% to 12%. The total market capitalization has reached 1.09 trillion USD, up 3.81% in the last 24 hours.”

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