Bitcoin briefly jumps above $23,000 as it attempts another rally following Fed rate hike

Bitcoin and cryptocurrency prices have been under pressure in 2022 with traders feeling the fallout from a number of major collapses in the industry.

After the U.S. Federal Reserve raised interest rates, there was a brief rise in the price of Bitcoins.

Cryptocurrencies have been linked to the U.S. stock market in general.

At 9:38 a.m., the price of the digital currency was $23,192.03. According to data from CoinMetrics, the time on Thursday was up about 1.7%. The digital currency retreated slightly to trade at $22,868.00 later on.

Digital coins went up as well. The price of ether was up about 2.5%.

The Fed raised its benchmark interest rate on Wednesday in order to fight inflation without tipping the economy into recession. The pace of rate rises could slow, which sparked an equity rally on Wednesday which has fed through to European and Asian trading on Thursday.

The conclusion of the Fed meeting opens up a summer window for a relief rally, according to Antoni Trenchev.

Several attempts have been made to stage a sustained rally for the digital currency. After a brutal crash this year wiped off 50% of its value, the world's largest coin has been trading in a range of $20,000 to $24,000.

After shrugging its shoulders at this month's stellar U.S. inflation data, the next 24 hours will be a true test of the re-discovered resilience of the digital currency.