Cryptocurrencies surged higher with bitcoin (BTC) nearing $64,000 on Thursday as the Federal Reserve's jumbo rate cut bolstered risk appetite across asset classes.
$BTC Bitcoin climbed nearly 6% over the past 24 hours from Wednesday's whipsaw below $60,000 as traders digested the Fed's decision to lower benchmark interest rates by 50 basis points, a move many observers say may mark the beginning of an easing cycle by the U.S. central bank. The largest crypto hit its highest price this month at $63,800 during the U.S. trading hours before stalling and retracing to just above $63,000.
Even with a potential pullback in the cards, options traders are anticipating higher bitcoin prices for next month heading into the historically bullish period for the asset.
Options data for October 25, 2024 expiry on crypto derivatives exchange Deribit reveals significant interest at the $70,000 strike, with $130 million in notional value, CoinDesk analyst James Van Stratten noted.
