Hassan Maishera
TL;DR
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BTC is up 3% and is currently trading above $60k for the first time this week.
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The rally comes ahead of the FOMC meeting today, where the Fed is expected to cut interest rates.
BTC Tops $60k As Fed Looks to Cut Rates
The cryptocurrency market is bullish following a poor start to the week. Bitcoin is up 3% in the last 24 hours and briefly hit the $61k level a few hours ago. It has slightly retreated and is now trading above $60,400 per coin.
The positive performance comes ahead of the FOMC meeting later today. The market expects the Fed to cut interest rates. However, investors are still uncertain whether the Fed will cut 25 basis points or opt for a larger 50-basis-point move.
Assets like Bitcoin are expected to rally higher if the Fed cuts interest rates. With inflation figures on the decline, investors expect the Fed funds rate to be 125 basis points lower by the end of the year.
While Bitcoin rallied higher, altcoins experienced mixed performances. Ether, the leading altcoin by market cap, went up by less than 1% and now trades at $2,325. Meanwhile, Solana is down 1% as it continues to stay behind BNB in the top 10 ranking.
The total cryptocurrency market cap surged to $2.08 trillion after adding more than 2% to its value in the last 24 hours.
