🚀 Bitcoin briefly broke the $61,000 mark on the eve of the FOMC meeting!
As the much-anticipated FOMC meeting is approaching, the Bitcoin (BTC) market price seems to bring us waves of hope!
Just on Monday, Bitcoin experienced a big drop, but in a blink of an eye, the bulls regained control of the situation. In the early hours of Wednesday morning, they pushed a massive rebound, and the price of BTC once again hit a high of more than $61,000. This is the first time Bitcoin has returned to the bull market support level since mid-August.
The timing of this wave of rise is particularly noteworthy because the market generally expects the Federal Reserve to make its first interest rate cut in many years in these two days. Most experts believe that the US interest rate will be reduced by 0.25%, but some experts advocate a more aggressive 75 basis point rate cut. Therefore, the outcome of this meeting may have a significant impact on the entire financial market.
In addition to Bitcoin, other major altcoins also rose. Ethereum rose 4% overnight, with a trading price high close to $2,400. BNB hit $550 again, SOL rebounded to $135, and XRP also rose by 3.8%, approaching $0.6.
Among the top 100 altcoins, TIA, IMX, TAO, FTM, and UNI also saw the most significant short-term price increases. According to CoinGlass, the total value of liquidated positions has risen to $134 million, with BTC shorts dominating.
This week is a critical week for all financial markets. The Fed's meeting will determine whether to cut interest rates, which may have a chain reaction on the cryptocurrency market. Let's wait and see how this meeting will affect our portfolio!
What impact do you think the FOMC meeting will have on the cryptocurrency market? Do you think the interest rate cut will be positive or negative for the entire investment market? Share your views in the comments section!
