Bitcoin Rally Pushes Largest Token to 18-Month High
- Cryptocurrency rallied as much as 2.87% to peak of $38,834
- Risk appetite grows ahead of speech by US Fed Chair Powell
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Bitcoin soared to its highest price so far this year, as investors took on more risk ahead of comments from Federal Reserve Chair Jerome Powell which could give guidance on whether the US is closer to lowering interest rates.
The world’s largest cryptocurrency rallied as much as 2.87% to a high of $38,834 on Friday. Prices of other digital assets tracked by Bloomberg, such as Ether and Solana, were also up more than 2%. Bitcoin’s jump constitutes the token’s highest value since May 5 last year, just before the collapse of the TerraUSD stablecoin ecosystem rocked the sector and began a steady decline in asset prices.