According to BlockBeats, Bitcoin experienced a brief pause after surpassing the $108,000 mark as traders await the anticipated Federal Reserve rate cut decision. The market is also evaluating the optimistic sentiment stemming from U.S. President-elect Donald Trump's support for cryptocurrencies.
Trump has pledged to introduce favorable regulatory policies aimed at positioning the United States as a leader in the cryptocurrency sector. He also supports the idea of establishing a strategic national Bitcoin reserve. This optimism is further fueled by MicroStrategy's impending inclusion in the Nasdaq 100 index, which opens up potential for the company to profit further from its Bitcoin investments.
The market widely expects the Federal Reserve to implement another 25 basis point rate cut on Wednesday. However, the clarity of future policy directions has diminished due to strong U.S. economic growth and the inflation risks associated with Trump's broader agenda.