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Cryptocurrencies reach new highs in 2023

Bitcoin rose more than 2.5 percent on Friday and is approaching an 18-month high after economic data from the United States, the world’s largest economy, indicated that the Federal Reserve may decide to shift to easing its monetary policy next year. It strengthened investors’ optimism about the future of cryptocurrencies, along with all financial assets. Gold recorded its highest levels in 2023, and US stock markets recorded strong increases last week.

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The Federal Reserve Bank had raised interest rates over the course of about a year and a half, about eleven times, bringing the main interest rate in the United States to its highest level in about twenty-two years, which pushed investors to the dollar, which brings interest at the expense of most other assets.

Statements from members of the Federal Reserve Bank continued regarding monetary policy in the country. The latest of these statements came from Federal Reserve Chairman Jerome Powell, who reiterated that “the FOMC is proceeding cautiously, as the risks of excessive or excessive tightening have become more balanced.”

Other statements were also issued by the head of the Federal Reserve Bank in Chicago, Austin Goolsbee, who said that the country is on the right track towards an inflation rate of 2 percent. Goolsby added during his speech at the 37th Annual Economic Outlook Symposium at the Federal Reserve Bank of Chicago that there is no evidence that the country is stuck at the 3 percent level. Asked what he believed was the biggest risk to the US economy next year, Goolsbee said “collapse” in China.

In terms of trading, Bitcoin recorded weekly increases of more than 5 percent, reaching its highest level since June 2022, recording levels of $39,695. Ethereum also rose during the week by 4.43 percent, reaching $2,162.

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2023-12-03 09:10:41
#Cryptocurrencies #reach #highs

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