Bitcoin woke up from its slumber earlier in the week and consolidated above its previous support level of $16,000.

The largest cryptocurrency by market capitalization recently traded near $16,200, up 2.5 percent, as cryptocurrency markets returned to tracking stocks, which rose amid renewed hopes that the U.S. central bank’s hawkish monetary policy is calming inflation and that it could soon abandon its recent diet of 75 basis point interest rate increases.

BTC fell to a two-year low on Monday amid fears over the fate of Genesis Global, the once-mighty cryptocurrency trading and lending company, which is reportedly in talks to raise new capital after it halted customer withdrawals last week. Genesis was the latest victim of the collapse of Sam Bankman-Fried’s FTX exchange, and despite bitcoin’s recovery on Tuesday, investors remain worried.