Bitcoin Price Hits $29000. Bitcoin trading over the last 24 hours was observed to experience a sharp spike, rising 1.60 to a price range of 29,481 US dollars on Saturday (21/10/2023).
This price is the highest Bitcoin has ever achieved in the last 4 months, to be precise last July when Bitcoin was only able to record a spike in the range of 29,000 US dollars per coin.
Not only Bitcoin, during this weekend’s trading a number of other top crypto coins also experienced price increases. Among them, Ethereum rose 0.16 percent to 1,595 US dollars per coin.
A similar spike was also experienced by the Solana crypto coin which shot up 4.78 percent to 26.83 US dollars. Followed by Solana which rose 6.59 percent to 21.47 US dollars. Meanwhile, the price of the meme coin with a picture of a puppy, Dogecoin, jumped 0.28 percent to 0.05975 US dollars.
Positive sentiment in crypto asset trading this week occurred due to the impact of comments from the Chairman of the Federal Reserve (The Fed) Jerome Powell who gave a signal regarding plans to increase interest rates at the next meeting.
Bitcoin Price Hits $29000. At the Economic Outlook meeting at the Economic Club of New York (ECNY) Luncheon, Powell explained the possibility of increasing interest rates by 525 bps to 5.25-5.5 percent.
Powell issued this note because the US inflation rate experienced a spike of 3.7 percent (year on year/yoy), away from the Fed’s initial target which was set at 2 percent.
Not only that, Powell also explained that the financial performance results and yield (yield) of the 10-year Treasury experienced a jump to reach 5 percent. As a result, this increase puts pressure on equities and has the potential to trigger a higher inflation trend.