The digital currency Bitcoin recorded strong increases and stabilized near $71,000 levels, achieving gains for the fifth session in a row, which is the largest daily increase for digital assets in three months, and this reflects strengthening expectations of global markets about the possibility of interest rate cuts by the US Federal Reserve this year.
Bitcoin has benefited from traders' growing expectations about the chances of a Federal Reserve rate cut as soon as November following data indicating moderating US inflation and a more resilient jobs market.
Some US Treasury bond yields recorded their largest two-day decline this year, which helped support digital currencies, especially Bitcoin. In turn, Tom Couture, vice president of digital asset strategy at Fundstrat Global Advisors, said in a research note that crypto assets are responding positively to lower US interest rates.
In terms of trading today, Wednesday, the digital currency Bitcoin rose by 2.63% and is trading at the level of $70,738.21, with a daily trading volume of $37,573,914,842, thus bringing the capital value of Bitcoin to $1,394,103,807,448.
cryptonaz.com