Bitcoin and the broader cryptocurrency market are rising as investors turn their attention to the recent pressures on the US banking sector in the wake of the Fed’s new interest rate hike.
The largest cryptocurrency is up 1.73% at $29,088, while Ether, Cardano and Solana are also posting gains. Bitcoin’s price has topped $30,000 at times over the past three weeks, having risen 76% this year.
Yesterday, the Fed moved to raise interest rates again, with investors betting on cuts later this year, as Chairman Jerome Powell hinted that this would be the central bank’s last hike.
Meanwhile, concerns about US regional banks were also heightened by news that PacWest is being considered for sale, with its shares losing almost 60%. The bank itself confirmed today that it is in negotiations with potential investors.
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