The post Why is Bitcoin price up today? BTC trades close to $43K appeared on BitcoinEthereumNews.com.

The price of Bitcoin has risen today, reaching $42,888.30 after falling as low as $40,300 over the weekend. The rise reflects traders’ persistent bullish attitude toward Bitcoin, which had the highest November performance since 2020 and is expected to continue rising in December.  According to CoinGecko, the price of Bitcoin (BTC) is $42,888.30 at the time of writing, with a 24-hour trading volume of $24,956,377,294.19. This indicates a 3.97% increase in the previous 24 hours and a -2.64% decrease in the last seven days. Bitcoin escapes the feared bull trap The return above $42,000 comes on the heels of a $4 billion BTC sale in two days, hitting an 18-month high. The market’s anticipation that a spot BTC exchange-traded fund (ETF) will be approved in January 2024 is reflected in the recovery, which is accompanied by strong capital inflows from institutional investors. Furthermore, the Federal Open Market Committee (FOMC), a Federal Reserve (Fed) branch, has refrained from raising interest rates yet again, keeping them unchanged at $5.25%-5.50%. Fed Chair Jerome Powell sounded less hawkish in his press conference following the interest rate decision. This is the third time in a row that the Fed has kept interest rates unchanged. It suggests that monetary policy is being eased despite the central bank’s continued focus on reducing inflation down to 2%.  It also suggests that the Fed has finished raising rates after imposing the fastest run of increases in four decades while battling high inflation since the middle of 2022. ⚠️SUMMARY OF FED FOMC STATEMENT: 1. The Fed kept rates unchanged at 5.50%. This is the third meeting in a row that the Fed has left rates unchanged. 2. The Fed’s statement said it will assess the extent of ‘ANY’ additional policy firming, adding the word ‘any’. 3. Fed Dot-Plot… pic.twitter.com/uvbNOksy0x —…

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Filed under: News - @ December 14, 2023 12:16 am