Bitcoin Nears $60K as Market Awaits Fed's First Rate Cut Since 2020
TL;DR
- $BTC and $ETH have gained 2%-3% in the last 24 hours, with $BTC nearing the $60,000 mark following MicroStrategy's significant purchase.
- The upcoming Federal Reserve meeting is crucial, with expectations for the first interest rate cut since 2020, as concerns about a recession grow.
$BTC approached the $60,000 mark, rebounding after a slight dip to $57,600 due to MicroStrategy's acquisition of 18,300 BTC for $1.1 billion. The largest cryptocurrency ultimately rose by 2.2% over the past day, reaching $59,700. Meanwhile, $ETH reclaimed the $2,400 level with a 2.7% increase, fueled by a nearly 60% rise in revenue from fees as blockchain activity surged.
The price movements coincided with a rise in U.S. stocks, with the S&P 500 nearing its July record high. Gold prices surged to a historic high of $2,600 per ounce, while a decline in the U.S. dollar against major currencies further propelled the rally across various asset classes. Chartist Bob Loukas indicated that $BTC likely found a local bottom below $53,000 and is in a fresh cycle, suggesting potential for new highs.
Next week's Federal Open Market Committee (FOMC) meeting will be pivotal, as it may mark the Federal Reserve's first interest rate cut since 2020. Market observers are divided on whether the cut will be 25 or 50 basis points. A resilient U.S. economy could support risk assets, while signs of a recession may lead to a turbulent period for the market.
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