Bitcoin price crosses US$22K; Fed cools recession fears

Along with traditional markets, the cryptocurrency market rose overnight in Asia as a result of investors

positive reactions to the U.S. Federal Reserve's new guidance on Thursday, which claimed that recessionary fears are exaggerated

For the first time since June 16 in the 24 hours prior to press time, Bitcoin increased by 8% to trade beyond US$22,000

according to data from CoinGecko, which also showed that the market capitalisation of cryptocurrencies had topped US$1 trillion

Yesterday's trading ended with both the Dow Jones Industrial Average and the S&P 500 Index up more than 1%.

Christopher Waller, a member of the Fed Board of Governors, supported an additional 75 basis point interest rate increase this month

and a 50 basis point increase the following month to combat inflation. James Bullard, president of the St. Louis Fed, agreed with Waller, but both officials downplayed fears of an impending recession

In recent months, worries about rising inflation and an impending recession have hurt both traditional and cryptocurrency markets.