BTC and other altcoins witnessed a rally in the last 24 hours, reacting to a speech by the Federal Reserve’s Chairman.
We are entering the last month of the year to cheers from the crypto community as the markets rallied in the last 24 hours. The crypto market gained 2% in the last week of November and witnessed a short recovery from the unfortunate incident of a major exchange going bankrupt very recently, which had pulled the markets down.
Experts also believe the positive recovery was due to indications from the Federal Reserve of smaller interest hikes beginning in December. Jerome Powell, the United States Federal Reserve Chairman, spoke about the central bank’s intentions to roll out slower rate hikes owing to satisfactory macroeconomic conditions in the country and worldwide. Unemployment levels in the USA were also at their lowest levels in decades. Further, stock markets reacted to the news as well and witnessed small recoveries.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $17,100 on December 1, 2022, with BTC/USD down by 0.24% in the last 24 hours. BTC/USD is trading above its 20-day EMA (17,106.67) for the first time in many days, crossing the $17,000 around resistance after a while. Many altcoins also rallied in the last 24 hours, along with BTC. Investors remain increasingly optimistic for the year to end on a good note, and for 2023 to start on a bullish trend.