Bitcoin News Now: Market Rebounds, US Fed Raises Rates
Market Rebounds
Bitcoin and the broader cryptocurrency market have rebounded in the last 24 hours, following a sharp sell-off over the weekend. Bitcoin is now trading above $21,000, up by over 3% in the last day. Other major cryptocurrencies, such as Ethereum and Binance Coin, have also posted gains.
The rebound is attributed to a number of factors, including increased institutional interest, positive news from the crypto industry, and a weaker US dollar.
US Fed Raises Rates
The US Federal Reserve raised interest rates by 50 basis points on Wednesday, as expected. The move is part of the Fed’s ongoing efforts to combat inflation.
The Fed’s decision was largely priced into the market and did not have a significant impact on the cryptocurrency market. However, it remains a key factor to watch in the coming months, as further interest rate hikes could lead to volatility in the crypto space.
Other News
* Bitcoin mining revenue hits new high: Despite the recent market downturn, Bitcoin mining revenue has reached a new all-time high. This is due to a combination of factors, including the increasing price of Bitcoin and the deployment of more efficient mining rigs.
* Cryptocurrency exchange Coinbase launches NFT platform: Coinbase has launched a non-fungible token (NFT) platform, allowing users to buy, sell, and store NFTs. The move is a sign of Coinbase’s growing interest in the NFT market.
* El Salvador approves Bitcoin bond law: El Salvador has approved a law that will allow the government to issue Bitcoin bonds. The bonds will be used to fund infrastructure projects and other government initiatives.
Outlook
The short-term outlook for the cryptocurrency market remains uncertain. However, the recent rebound shows that there is still strong demand for Bitcoin and other cryptocurrencies. In the long term, the growth of the crypto industry is expected to continue as more institutions and individuals adopt digital assets.
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