Here's Why Bitcoin Price Is Rising Amid High Inflation Fears

Bitcoin breaks above $23,000 amid high inflation fears.

The leading cryptocurrency bitcoin soared as high as $23,800 Wednesday, up 8% in 24 hours.

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Hopes of a rate hike less aggressive than feared from the Federal Reserve might have triggered this bitcoin rally.

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The Federal Reserve was earlier expected to raise interest rarest by 100 basis points.

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Now, the economists are forecasting a less aggressive increase this time of 75 basis points.

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Despite this brief rally, Bitcoin is still down roughly 50% since the start of 2021.

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The collapse of some notable ventures has caused prices of cryptocurrencies to take a hit.

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The second leading cryptocurrency also soared to $15,000.

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