The price of Bitcoin surpasses $60,000 prior to the upcoming Federal Reserve rate announcement.
On Tuesday, Bitcoin regained $60,000 as investors anticipated the Federal Reserve's rate reduction plans.
The flagship cryptocurrency reached its highest price of $61,335.83 on Monday night, a 4.3% increase from its previous high of $60,394.41, according to Coin Metrics. This surge was due to the announcement of former President Donald Trump's new crypto venture, World Financial Liberty Coin.
Bitcoin surpassed $60,000 on Tuesday morning during the Federal Reserve's two-day policy meeting. The central bank is predicted to reduce interest rates for the first time in four years, which may positively affect risk assets such as bitcoin.
The Fed's decision to reduce interest rates is uncertain, with the market divided on whether it will be by 25 or 50 basis points. Currently, traders are pricing in a 63% chance that the central bank will ease rates by 50 basis points, according to CME Group's FedWatch Tool. One basis point equals 0.01%.
The crypto market has been influenced by the range of bitcoin trading between $55,000 and $70,000 this year, as investors anticipate Fed rate cuts, the growth of bitcoin ETFs, and the outcome of the U.S. presidential election as potential catalysts for change.
Technology
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