Bitcoin bulls are back, as the biggest crypto token by market capitalization surged past $28,000 for the first time since June. The coin was trading at $28,399 at 3:09 p.m. EDT on Sunday, up 5.2% over the past 24 hours, according to TradingView data. It's surged a staggering 37.8% over the week and is up 20.8% over the past month.
The rally comes amid speculation that the Federal Reserve could slow, or even pause, the pace of interest rate increases this week as contagion from the collapses of Silicon Valley Bank and Signature Bank continue to reverberate around the world. Credit Suisse is the latest financial institution to fall victim. CME's FedWatch tool shows a 62% chance that rates will be hiked by 25 basis points, with the chance that rates are unchanged coming in at 38%.
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