Bitcoin price soared past the $61,000 mark recently, indicating the regaining confidence of the investors towards the crypto market amid a flurry of positive developments.
Bitcoin price has crossed the brief $61,000 mark again, following volatile trading over the past few days. This strong run has fueled optimism among the crypto market enthusiasts, fueling discussions over the potential reason behind the recent surge. Besides, the market is also closely watching if the flagship crypto could hit the $64K resistance next, which could pave the way for further rally.
Hereâs a brief report on potential reasons driving the worldâs largest cryptocurrencyâs uptrend today, August 22.
Why Is Bitcoin Price Up Today?
A flurry of factors could be in play for the recent surge in Bitcoin price. Here we explore some of the top reasons that helped the crypto to cross the $61K mark today.
U.S. Fed Minutes Spark Optimism Over Rate Cuts Ahead
Dovish U.S. Fed Minutes from the July meeting indicated a looming rate cut as soon as September. The latest FOMC minutes hinted that officials show an inclination towards a softer monetary policy.
CME Fed Watch Tool data today illustrated that 71.5% remain in anticipation of a 25 bps rate cut ahead. Meanwhile, 28.5% expect a 50 bps rate cut looming over the horizon.
In addition, the FOMC minutes mirrored growing concerns among govt. officials regarding the nationwide economic terrain. It also hinted that the U.S. central bank is ready to act dovish should market dynamics favor the decision.
Market Dynamics
The BTC fear and greed index sparked additional investor enthusiasm today, recovering from a low of 29 last week to 39 today. As mentioned above, the Bitcoin market appears to be reacting positively to FOMC minutes.
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