Bitcoin taps $24,000 for the first time since August 2022

Bitcoin reached $24,260 through the morning of February 02 (UTC) – marking a 24-week excessive.

Equally, the full crypto market cap touched $1,098.4 billion, a 24-week excessive.

Roughly 5 hours earlier, the Federal Open Market Committee (FOMC) assembly concluded, asserting a 25 basis point fee hike according to market expectations.

Expectations are that the following FOMC assembly, scheduled for March 22, will conclude with one other 25 foundation level hike, resulting in a pause within the schedule, thus stabilizing the price of borrowing and doubtlessly signaling the beginning of a pivot.

Nevertheless, per the FOMC statement, the Committee will proceed monitoring info and act accordingly to fulfill its objectives, primarily a 2% inflation rate.

“The Committee could be ready to regulate the stance of financial coverage as applicable if dangers emerge that would impede the attainment of the Committee’s objectives.”

The Bitcoin narrative has flipped.

In response to the anticipated fee hike, Bitcoin moved increased to report a 46% year-to-date achieve.

Bitcoin daily chart
Supply: BTCUSDT on

Since topping out at $24,200, a capturing star candle has shaped on the each day chart, taking away most of as we speak’s positive aspects. This doubtlessly indicators a draw back transfer within the close to time period.

Nonetheless, except for short-term fluctuations in value, the general narrative round cryptocurrencies and risk-on belongings, typically, has flipped, regardless of ongoing macro uncertainty.

The Worry and Greed Index at present reads 60 – indicating greed in investor sentiment. 4 weeks prior, the index was at 26, hovering simply above excessive worry.

In accordance with Coinglass, crypto shorters had been liquidated to the tune of $133.35 million over the past 24 hours. The one largest liquation was a Bybit Bitcoin shorter, which misplaced $1.69 million within the commerce.

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