The price of Bitcoin spiked to nearly $48,000 earlier today
briefly spiked to $47,765 at 00:34 a.m. UTC on the Bitstamp exchange, hitting the highest level since Jan. 3.The cryptocurrency briefly turned positive for the year after the sudden price spike. However, it is worth mentioning that it is still 32.11% from reclaiming its all-time high of $69,044.
The top cryptocurrency displayed poor performance at the beginning of the year due to risk-off sentiment caused by the Federal Reserve’s hawkish U-turn. As, Bitcoin hiked the benchmark interest rate for the first time since 2018 earlier this month.
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