Bitcoin Displays Resilience in Face of Fed Rate Hike, Bounces Back Above $28k
Weekly Update
The Global Crypto Market Cap is up by 1.77% to $1.18T at the time of writing this article. Over the past 24 hours, the overall volume of the Cryptocurrency Market has decreased by 19.56% to $54.51B.
DeFi’s total 24-hour volume is $4.30B,, or 7.90% of the overall Crypto Market volume. All Stablecoin volume is currently $50.05B, or 91.82% of the 24-hour volume of the whole Crypto Market.
The price of Bitcoin was trading at $28,047.47 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 46.21%, an increase of 0.11% from the previous day. In the last 24 hours, the price of ETH increased by 2.74% to $1,801.60, while the price of BNB went down by 0.13% to $323.99.
Bitcoin remains resilient despite the recent hike in the fed rate. Although the price of Bitcoin dropped below $27k after the announcement, it has bounced back and is currently trading above $28k, unaffected by the hike. Despite facing several obstacles, Bitcoin has shown remarkable growth, surging by over 5% since last week.
Texas Lawmaker Introduces Resolution To Protect Bitcoin Mining & Ownership In The State
Texas House of Representatives member Cody Harris has introduced a resolution aimed at declaring the “Bitcoin economy welcome” in the state. The resolution calls on Texas lawmakers to provide support for individuals coding or developing on the Bitcoin network, as well as for miners and Bitcoiners operating in the state. In addition, the resolution aims to protect residents’ digital asset holdings from unreasonable seizures or searches, in line with Texas’ constitutional protections.
Harris emphasized that the resolution intends to ensure that individuals mining Bitcoin in Texas are not restricted by any law or resolution that limits the practice of securing the Bitcoin network. The resolution further seeks to ensure that all members of the broader community who choose to own Bitcoin as a means of storing their wealth and transacting with other law-abiding Texans feel secure and free to do so.
Bitcoin Continues To Grow Despite Fed Rate Hike
On Thursday, Bitcoin (BTC) was seen trading above $28,000, despite the US Federal Reserve’s recent 25-basis-point rate hike and the persistent concerns over the banking sector and future monetary policy decisions. Despite facing significant volatility over the past year, Bitcoin is expected to have reached its post rally bottom in November, after which it has continued to display an upward trend. This year, Bitcoin has already surged over 65%, showcasing its resilience to market fluctuations. With the worst seemingly behind us, many are optimistic that Bitcoin will set a new all-time high by the end of the year.
