[Bitcoin hits its biggest intraday gain in more than a month, boosted by the prospect of a rate cut by the Federal Reserve] Golden Finance reported that Bitcoin hit its biggest intraday gain in more than a month on Tuesday, and the prospect of a rate cut by the Federal Reserve is expected to boost demand for speculative assets. Bitcoin once rose 6.4% to $61,337, the biggest intraday gain since August 8. Small cryptocurrencies such as Ethereum, Dogecoin and Solana also rose. Swap market pricing shows that the Federal Reserve will cut interest rates by at least 25 basis points on Wednesday, with a probability of a 50 basis point cut of about 55%. "I think the growing correlation between cryptocurrencies and traditional markets recently" is driving Bitcoin higher, said Shiliang Tang, president of Arbelos Markets. Tang said that MicroStrategy Inc.'s announcement on Monday that it would issue convertible notes to buy more bitcoin also boosted cryptocurrency market sentiment.

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