Cryptocurrency market today, November 23: Stirring as Bitcoin bounces back

(NLDO)- The cryptocurrency market is more optimistic as the Fed signals that it will continue to adjust interest rates but without greatly affecting employment and the economy.

On the evening of November 23, the cryptocurrency market recorded a rebound, recovering after many days of decline. Data from the OKX exchange showed that in the past 24 hours, Bitcoin increased by more than 3%, currently trading around $86,400.

Other major cryptocurrencies also recovered, Ethereum increased nearly 4% to $2,829, Solana reached $130, XRP increased more than 7% to $2, BNB increased more than 3% to $845.

According to Forbes , Bitcoin has just shown signs of a slight recovery after a week of sharp decline, when the price had plunged close to the $80,000 mark, causing many investors to worry about the possibility of a deeper decline.

Just a month ago, Bitcoin hit a record high above $126,000, and the recent price drop has some experts warning that the cryptocurrency market could lose as much as $1 trillion in value.

Investors are now closely watching the possibility of the US Federal Reserve (Fed) cutting interest rates in December. The probability of a 0.25% cut has increased to 70% compared to 39% the previous day, according to data from CME FedWatch.

Bitcoin is trading in the $86,400 region Source: OKX

Markets became more optimistic after Fed officials signaled that they would continue to adjust interest rates but without major impact on employment and the economy .

New York Federal Reserve Bank President John Williams stressed the need to bring inflation to 2% while ensuring stability for the labor market. Despite the volatile interest rate environment, many cryptocurrency investors still maintain positive expectations.

Bitcoin has fallen below $90,000 from more than $125,000 in October, but according to experts, the recent decline is mainly due to short-term factors such as a stronger US dollar, liquidation pressure in the market and concerns about economic news.

In the long term, the market is expected to stabilize again, with a reasonable trading level of 95,000 to 110,000 USD, opening up opportunities for strategic investors.

Some experts see the current price drop as an opportunity to clean up risky trades, laying the groundwork for a new bull cycle that could start as early as 2026.

In addition, the Fed's upcoming end to its program of withdrawing money from the system is also considered a factor that can help Bitcoin recover more strongly.

Source: https://nld.com.vn/thi-truong-tien-so-hom-nay-23-11-xon-xao-khi-bitcoin-bat-tang-tro-lai-196251123204950492.htm