Bitcoin (BTC) parlayed the European Central Bank's (ECB) signal of an end to rate hikes with modest gains on Thursday, rising above $26,000 for the first time in weeks.
The ECB raised three key interest rates by 0.25%, with the main deposit facility rate now at 4%. However, the central bank also hinted that its latest hike may be the last, as it sees inflation returning to its target in the medium term.
This news was met with relief by investors, who have been fearing a prolonged period of monetary tightening. As a result, risk assets such as stocks and cryptocurrencies rallied.
Bitcoin's modest gains on Thursday suggest that investors are optimistic about the cryptocurrency's prospects in the near term. However, it is important to note that the market remains volatile, and Bitcoin could still face headwinds in the coming weeks and months.
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