Bitcoin jumps above $18,000 amid cryptocurrency winter

After facing plenty of setbacks in 2022, Bitcoin on Thursday surged to its highest price in nearly a month.

According to reports, this spike came on the back of expectations that inflation is cooling and the Federal Reserve will slow the pace of interest-rate hikes.

The second most popular token, ethereum also gained about 5% to $1,401. Meanwhile, dogecoin was also trading over 5% higher at $0.08.

The surge in crypto prices also comes after failed Crypto exchange FTX managed to recover more than $5 billion in different assets.

Bitcoin is down about 74% from its November 2021 all-time high of $68,990.

Overall, the global cryptocurrency market cap today remained below the $1 trillion mark, even as it was up over 4% in the last 24 hours to $926 billion, as per the data by CoinGecko.