Bitcoin surged past $60K as Scaramucci predicts $100K, fueled by upcoming Fed rate cuts and U.S. elections.
Institutional demand for Bitcoin rises with $186M inflows into Bitcoin ETFs, boosting market optimism.
Bitcoin futures open interest climbed 4.5% to $32.33 billion, signaling increased confidence in the crypto's future growth.
Recently, another major prediction was made by Skybridge Capital’s Anthony Scaramucci, who expects Bitcoin to rise to $100K. The hedge fund manager recently noted that the anticipated rate cuts by the U.S. Federal Reserve and the next U.S. presidential elections might be the key underlying factors of the BTC increase.
Fed Rate Cuts and Crypto Optimism
As for the expectations regarding Bitcoin's further dynamics, Scaramucci outlined the Federal Reserve's expectations to cut its interest rates, which are expected to play a significant role in Bitcoin’s value growth. The Skybridge Capital founder said these reductions, paired with the elections, would lead to positive crypto regulations.
https://twitter.com/crypto/status/1836282398868209925
He noted that market participants are waiting for the next push for Bitcoin in the current economic conditions, with viewers eyeing the next move of the Federal Reserve on rate cuts. That is why, as the Fed approaches a 50 bps cut, some critics are convinced cheaper funding could boost the demand for risk assets, including Bitcoin.
BTC Surges Beyond $60K Amid Growing Market Optimism
For the record, Bitcoin hit levels above $60K on the very day of Scaramucci’s comments, gaining about 3% within a day. This was a major turning point for the cryptocurrency, with prices ranging between $59,755 and $61,316 for the day.
Institutional demand has also risen, as seen by the $186 million invested in Bitcoin ETFs in the last few weeks. This inflow of funds has contributed to participants' confidence within the market, especially given the continuous purchases by new whales and Binance traders.
Potential for Continued Growth in the Crypto Market
Besides Bitcoin’s price increase, futures OI increased by 4.5% to $32.33 billion and Derivatives volume by 53.5%. These numbers depict increasing awareness and the possibility of Bitcoin‘s future price direction.
Scaramucci, standing by his Bitcoin forecast, said the BTC price may surge to $100K if the current trajectory is maintained. The hedge fund manager still holds high expectations, arguing that the favorable regulations add up to low interest rates to drive Bitcoin’s growth as a trend.
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