The largest cryptocurrency by market cap reached $104,783.
Source:
Bloomberg
Bitcoin rose for the first time in five days as appetite for riskier assets picked up after the Federal Reserve left interest rates unchanged.
The largest cryptocurrency by market value gained as much as 4.5% to $104,783 on Wednesday.
The rally brought the cryptocurrency closer to its all-time high hit on Trump’s inauguration day, where it is still just $4,000 away.
Cryptocurrency prices have been falling in recent days after Chinese artificial intelligence startup DeepSeek sent volatility through broader markets. Bitcoin has been moving more in tandem with stock markets recently.
“Rather than a direct response to today’s Fed announcement, we view this move as more about recovering from the irrational selloff earlier in the week and putting the Fed announcement behind us,” said Stephane Ouellette, chief executive officer of FRNT Financial Inc.
For his part, Federal Reserve Chairman Jerome Powell said that officials are in no rush to cut interest rates, adding that the central bank will not move rates to see further progress in inflation, after a series of rate cuts last year.
Bitcoin “has become increasingly sensitive to interest rates, so I expect somewhat hawkish comments about not rushing to cut rates to be negative for the cryptocurrency’s price,” said James Butterfill, head of research at CoinShares.