Hassan Maishera
TL;DR
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Bitcoin is trading above the $38k level once again after adding 2% to its value.
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The rally came after Fed Governor Chris Waller suggested that the Fed could cut rates if inflation continues to decline.
Bitcoin Tops $38k As Fed Considers Rate Cut
Bitcoin, the world’s leading cryptocurrency by market cap, is up by more than 2% over the last 24 hours. At press time, the price of Bitcoin stands at $38,026. The rally came following optimism that the Federal Reserve could cut interest rates.
While speaking at an event in Washington, D.C., Fed Governor Chris Waller revealed that the Federal Reserve could cut down interest rates if the inflation levels continue to decline. He said recent data suggesting a slowdown in the economy and continuing moderation in inflation means U.S. Federal Reserve policy is in the right spot. He added that,
"Something appears to be giving, and it's the pace of the economy."
He pointed out that inflation data shows that the economy is moving in the right direction and added that if inflation were to continue to decline, there's a good argument to be made for rate cuts within a few months.
With Bitcoin now above $38k, the total cryptocurrency market cap has increased to $1.43 trillion, up by 2% in the last 24 hours. Solana is the best performer amongst the top 10 cryptocurrencies by market cap, up by more than 8% and is currently trading above $56.
