Bitcoin has breached $43,000 as investors focus on the US Federal Reserve’s (Fed) meeting this Wednesday.
After a few days of wobbles, Bitcoin is regaining its color. On Monday night, the queen of cryptocurrencies once again crossed the symbolic threshold of $43,000, gaining 10% in one week.
Bitcoin’s rise comes as investors await the FOMC (Federal Market Open Committee) statement and Federal Reserve Chairman Jerome Powell’s press conference this Wednesday, the 31st.
“Markets will be looking for any clues about the Fed’s planned interest rate cuts, how many cuts we might see this year and when they might start,” said Simon Peters, market analyst at Etoro.
“Altcoins” benefit from this
If the Fed “indicates that it will keep its foot on the brake longer, we could see a liquidation. On the contrary, more optimistic comments during the press conference could encourage cryptoassets to grow,” specifies the latter.
In its rise, Bitcoin led the entire cryptocurrency market. Mainly “altcoins” benefit from this. Out of the 10 most market capitalized cryptocurrencies according to CoinMarketCap, cryptocurrencies avalanche and solana gained 28% in 7 days, while cardano climbed 10% in the same period. Ether, which was weakened last week, gained a little less than 1% for the week.