Odaily Planet Daily News: Bitcoin paused slightly after first breaking through $108,000, as traders await expectations for an interest rate cut from the Federal Reserve and assess the bullish sentiment brought by President-elect Trump's support for cryptocurrencies. On Tuesday, Bitcoin reached $108,315 and has since retreated to around $106,000. CoinGecko data shows that during this rebound, the total market capitalization of cryptocurrencies is close to $4 trillion. The market generally expects the Federal Reserve to cut interest rates by 25 basis points again on Wednesday, but the outlook for the Fed's policy is unclear due to strong U.S. economic growth and inflation risks posed by the broader agenda of the incoming president. K33 Research analysts Vetle Lunde and David Zimmerman wrote in a report: 'We expect this week's FOMC meeting to exacerbate market volatility. After the FOMC meeting, macroeconomic conditions may settle for a few weeks, potentially laying the groundwork for Bitcoin to gain further momentum during the holiday season.' Since Trump won the presidential election on November 5, Bitcoin has risen over 55%. The highest concentration of open contracts for bullish bets on Deribit is at a strike price of $120,000. IG Australia Pty market analyst Tony Sycamore stated that there are reasons to be 'cautiously optimistic' at current levels. (Bloomberg)

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