$BTC experienced a significant rebound after a sharp decline on Monday, reaching a three-week high above $61,000. This surge comes just ahead of the anticipated Federal Reserve meeting, where a potential interest rate cut is expected for the first time in years.
Previously, Bitcoin was trading around $60,000 before dropping to approximately $57,600. However, the recent rally has revitalized market sentiment. The last time BTC reached this level was in mid-August, when it fell from over $62,000 to below $59,000 in a matter of hours.
The upward momentum has also positively impacted altcoins. Ethereum saw a 4% increase overnight, now trading near $2,400 after dipping to $2,270 during Monday's downturn. Binance Coin has climbed back to $550, while SOL is trading around $135. XRP has also seen gains, nearing $0.60 after a daily increase of 3.8%.
Among the top 100 altcoins, notable price increases include $TIA (15%), $IMX (15%), #Tao (13.6%), FTM (10%), and UNI (9%). According to CoinGlass, the total value of liquidated positions has reached $123 million, with BTC shorts accounting for $47 million. Over 42,000 traders have faced losses in the past day.
This week is crucial for financial markets as the US Federal Reserve is set to meet on September 18 and 19 to discuss potential interest rate cuts. Fed Chair Jerome Powell indicated last month that it may be time for the US central bank to align with actions taken by the ECB, Bank of England, and Bank of Canada. Most analysts anticipate a reduction of 0.25%, although some are advocating for a more substantial cut of 75 basis points.
Stay tuned for updates as the situation unfolds!
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