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

Bitcoin hit $24,260 on the morning of February 2nd (UTC), a 24-week high.

Similarly, the cryptocurrency market capitalization hit a 24-week high of $1.984 trillion.

About five hours ago, the Federal Open Market Committee (FOMC) ended its meeting and announced a rate hike of 25 basis points, in line with market expectations.

We expect the next FOMC meeting, scheduled for March 22, to end with another 25 basis points rate hike, leading to a schedule pause, stabilizing borrowing costs and potentially signaling the start of a pivot. will be

however, FOMC statementthe Commission will continue to monitor information and act accordingly to achieve its goals. 2% inflation.

The Committee stands ready to adjust its monetary policy stance appropriately in the event of risks that could impede the achievement of the Committee’s objectives.

The Bitcoin story has been turned upside down.

In response to the expected rate hike, Bitcoin has rallied, registering a year-to-date gain of 46%.

Since the $24,200 breakout, a shooting star candle has formed on the daily chart, robbing most of today’s gains. This could indicate a downward movement in the short term.

Nonetheless, short-term fluctuations in prices aside, the overall narrative regarding cryptocurrencies and risk-on assets is generally flipping despite continued macro uncertainty.

Fear and Greed Index is now 60 Shows greed in investor psychology. Four weeks ago, the index was 26, just above extreme fear.

according to coin glass, crypto shorts hit $133.35 million in the last 24 hours. The single largest liquidation was the shortening of Bybit Bitcoin, in which he lost $1.69 million in trading.