Bitcoin posts biggest intraday gain in over a month, boosted by prospect of Fed rate cuts
Bitcoin posted its biggest intraday gain in more than a month on Tuesday, with the prospect of a Federal Reserve interest rate cut expected to boost demand for the speculative asset. Bitcoin rose 6.4 per cent at one point to $61,337, its biggest intraday gain since 8 August. Smaller cryptocurrencies such as Ether, Dogcoin and Solana also advanced. Swap market pricing suggests the Fed will cut rates by at least 25 basis points on Wednesday, with the probability of a 50-basis-point cut at around 55 per cent. ‘I think the recent growing correlation between cryptocurrencies and traditional markets‘ is driving bitcoin higher, said Shiliang Tang, president of Arbelos Markets.Tang said MicroStrategy Inc.’s announcement on Monday to issue convertible notes to buy more MicroStrategy Inc.'s announcement Monday that it would issue convertible notes to buy more bitcoin also boosted cryptocurrency market sentiment, Tang said.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Data: PIVX drops over 20% in 24 hours, ZEC rises over 10%
XRP listed on Bitget CandyBomb, unlock token airdrop through contract trading
Mitsubishi UFJ: Nvidia's performance falling short of expectations could lead to a weaker US dollar
Fully on-chain music RWA liquidity platform Melody opens waitlist