Bitcoin surged to nearly $63,000 at the Wall Street open on Sept. 19, matching gains in the stock market.
Data from Cointelegraph Markets Pro and TradingView captured Bitcoin hitting three-week highs close to $63,500 on Bitstamp.
The rise in Bitcoin and other assets like equities and gold follows a significant 0.5% interest rate cut by the Federal Reserve, signaling ongoing financial policy easing in the United States.
As the S&P 500 approaches new all-time highs, BTC/USD is also making strides toward its peak levels from March.
“The US 2Y/10Y treasury spread, an indicator of recession, has been inverted since July 2022 but has recently steepened to +8bps, reflecting market optimism and a shift towards risk-on assets,” trading firm QCP Capital noted in its latest bulletin.
Further rate cuts are anticipated from the Fed, with two expected before year-end, according to QCP.
“The S&P 500 and Nasdaq are now up over 20% this year alone,” said The Kobeissi Letter, highlighting a $3 trillion increase in market cap since September 6th.
The buoyant mood has Bitcoin traders feeling optimistic.
Noted trader and social media figure Byzantine General remarked on the strength of spot markets, while crypto trader, analyst, and entrepreneur Michaël van de Poppe commented on BTC/USD’s performance.
“I assume we’ll consolidate before we continue to go up, but essentially, since Powell has been speaking, markets are going up. Nothing more. Just plenty of room to buy the dips,” van de Poppe shared with his X followers.
