Bitcoin price rose above $38,000 after the spot exchange-traded fund (ETF) expectation and the Fed’s dovish policy statements.
Total value of the cryptocurrency market 2.9% While it rose, some altcoins compensated for the small-scale declines experienced at the beginning of the week.
According to CoinGecko data, Solana (SOL) gained 8.7%, Cardano (ADA) 3.4%, Dogecoin 4.7%, Avalanche (AVAX) 7.7% in the last 24 hours.
Bitcoin price started to rise after Federal Reserve Board Member Christoper Wallen’s statements yesterday that economic activity is slowing down and inflation continues to ease.
Stating that Fed policies are moving in the right direction, Wallen noted that if inflation falls for a few more months, there may be good economic arguments for cutting interest rates.
Decisions taken to reduce interest rates can have an impact on the markets as they enable investors to turn to slightly riskier options such as stocks and cryptocurrencies.