Bitcoin, the largest cryptocurrency by market cap, has managed to reclaim the $17,000 level for the first time in two weeks
Bitcoin, the largest cryptocurrency by market capitalization, has hit a two-week high of $17,010 on the Bitstamp exchange.
The largest cryptocurrency by market capitalization has nearly 4% over the last 24 hours.
The most recent price hike was due to the much-anticipated speech by Federal Reserve Chairman Jerome Powell, which is going to take place this Wednesday at the Brookings Institution, an American research group founded back in 1916.
The market will be looking for clues about the central bank’s future monetary policy. Over the past few weeks, multiple Fed officials have indicated that the central bank could hike the benchmark interest rate by 50 basis points.
The Fed’s accommodative monetary policy is believed to be the main reason behind the decline in cryptocurrency prices this week. With interest rates rising to the highest level since 2008, other risk assets also took a severe hit this year.
Earlier this month, the Fed approved the fourth 75-basis-point hike in a row.
