Bitcoin rebounds above $67,000 as it shakes off $200 billion slump

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Bitcoin rebounds above $67,000 as it shakes off $200 billion slump

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Bitcoin held above $67,000 on Thursday, as global markets rallied after the Federal Reserve signaled it would cut interest rates this year.

The digital currency was trading at around $67,339 at 3:45 a.m. ET, up nearly 7% from 24 hours prior, according to data from CoinGecko.

Bitcoin has been highly volatile after hitting an all-time high of $73,797.68 last week. The cryptocurrency dropped below $61,000 on Wednesday, shedding around $200 billion of value off the bitcoin market.

It began to stage a rebound late on Wednesday, aided by the policy decisions of the latest U.S. Fed meeting. The U.S. central bank held interest rates steady and hinted it would cut rates multiple times this year.

This sparked a rally in global stocks, as well as in cryptocurrencies. An environment of lower interest rates is generally positive for risk assets, such as bitcoin.

“I sense we consolidate here for a bit, but then should be rallying past all time highs very soon,” Vijay Ayyar, vice president of international markets and growth at crypto exchange CoinDCX, told CNBC.

The bitcoin bump also pulled up other digital coins, with Ether 11% higher at around $3,575 at 4:15 a.m. ET.

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