Alex Dovbnya
Bitcoin has now managed to regain the $24,000 mark amid a recent stock market rally
Bitcoin, the largest cryptocurrency, has managed to break through the crucial $24,000 mark once again.
Earlier today, the leading coin peaked at $24,258 on the Bitstamp exchange before shedding some gains.
Bitcoin’s recent price surge coincided with a major US stock rally. The tech-heavy Nasdaq 100 index, which is closely correlated with Bitcoin, is up almost 3%.
Shares in social giant Meta rose more than 20% even as the company posted a drop in earnings. However, cost cutting and the company’s $40 billion buyback managed to overshadow the disappointing report.
As reported by U.Today, the largest cryptocurrency saw little volatility after the Federal Reserve hiked interest rates by a quarter of a percentage point, in line with market expectations.
However, Fed Chair Jerome Powell has signaled that the central bank will continue to hike interest rates in a bid to tame inflation, meaning there won’t be a much-coveted dovish swing anytime soon.
Bitbank’s Yuya Hasegawa told CNBC that Bitcoin’s current rally appears to be in a precarious position as bulls struggle to make a daily close above the make-it-or-break-it $24,000 level.
Therefore, it might seem like the largest cryptocurrency is already losing momentum after posting stellar gains in January.
The largest cryptocurrency is up more than 40% this year, marking a significant recovery rally after a string of losses in 2022.
However, the largest cryptocurrency is still down more than 65% from its record high.
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