Coinspeaker
Bitcoin Extends New Year Rally, Crosses $24,000 Briefly
Building on its new year rally, the price of Bitcoin crossed the $24,000 threshold on Wednesday night. The upsurge corresponded with a gain in general tech stocks and a drop in the US dollar currency Index (DXY) and US Treasury yields.
Bitcoin price has remained closely correlated to the tech-heavy Nasdaq stocks. Its latest rally comes after the Federal Reserve raised its benchmark interest rate by 25 basis points. The Fed Chairman, Jerome Powell, also announced that a disinflationary process has commenced.
Consequently, many investors took the announcement as a dovish stance, taking on more risk in the market in hopes that inflation is set to fall. However, Yuya Hasegawa, an analyst at the crypto exchange Bitbank believes that the crypto market is not ready for such a rally.
Hasegawa noted that the inflation rate was still high even if a deflationary process had commenced. Also, he cited that the FEC would need more e
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