Bitcoin Rises To $8,350 On Hopes Of Higher Rates By The Federal Reserve
Bitcoin rallied to $8,350 on hopes the Federal Reserve would raise interest rates.
The cryptocurrency hit an all-time high of $8,351.76 at around 2:50 p.m. KST. ET on Friday, according to CoinDesk's Bitcoin Price Index (BPI). Prices traded between $7,900 and $8,000 throughout the day.
Bitcoin rallied as investors sought to hedge the risk of rising interest rates by trading their assets. with low or negative yielding uncorrelated assets like bitcoin or gold.
The price of bitcoin has increased over the past few months, it is still down around 30%. compared to an all-time high of nearly $20,000 in December 2017. This suggests that investors are still not bullish enough on bitcoin to push its price back to these levels despite much news. more positive from Washington D.C., where the Federal Reserve is expected to raise interest rates next week after a two-day meeting that ended Wednesday night with no change in policy direction to be announced.
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