Bitcoin continues its winning streak, nearing the $71,000 mark with expectations of Fed interest-rate cuts.
The cryptocurrency’s upward trend is its longest in three months, trading at $70,785 as of 8:25 a.m. Wednesday in New York, close to its all-time high.
Investors anticipate a Fed rate cut in November, driven by easing inflation and job market conditions, leading to lower Treasury yields and boosting cryptocurrencies.
Tom Couture from Fundstrat Global Advisors credits the positive response of crypto assets to lower interest rates.
Other top coins like BNB and Solana have also seen gains, with BNB surpassing its 2021 high despite regulatory challenges.
Despite resistance above $70,000, Bitcoin remains optimistic with increased ETF inflows and regulatory progress in Washington.
DMM Bitcoin in Japan plans to raise funds for customer compensation post-hack, reflecting industry challenges.
Bitcoin’s correlation with the Nasdaq 100 Index is at a high, hinting at potential market alignment.
Michael Novogratz of Galaxy Digital predicts Bitcoin to hit $100,000 by year-end, fueled by a favorable US regulatory environment.
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