#Bitcoin Bitcoin is over 70 thousand dollars again
The largest digital asset rose to $70,530 as of 08:20 on Wednesday morning in Singapore.
Bitcoin has risen above the $70,000 level again. This rise reflects the increasing confidence in global markets regarding the possibility of a Fed rate cut this year.
The largest digital asset rose to $70,530 as of 08:20 on Wednesday morning in Singapore. That's about 5 percent short of the record high of $73,798 in mid-March.
Investors are pricing in a higher likelihood that the Fed will cut interest rates in November, following data indicating that US inflation is slowing and the labor market is softening.
“Cryptoassets are responding positively to the decline in rates,” Tom Couture, vice president of digital asset strategy at Fundstrat Global Advisors, said in a note.
The top five cryptocurrencies, including Ether, BNB and Solana, have increased in the last 24 hours. Tokens like Dogwifhat are also on the rise.
