Here’s why Bitcoin price is going up 5% ahead of Federal Reserve decision
The post Here’s why Bitcoin price is going up 5% ahead of Federal Reserve decision appeared on BitcoinEthereumNews.com. With the Fed decision on the horizon, Bitcoin is gearing up for what looks like a potential rally if traders’ expectations are met. So far the asset has been hiking up near the $118,000 mark. Will it go any higher? Summary The Fed is expected to cut interest rates by 0.25%, paving the path for a much anticipated rally for alternative assets. Bitcoin has been rising by over 5% for the past few days as it continues to hike up ahead of the Fed decision. Bitcoin and market traders are expecting the Federal Reserve to cut interest rated by a quarter-point, or 25 basis point reduction from the current target range of 4.25% to 4.5%. The easing of monetary policy could see the dollar weakening and alternative assets picking up speed for a rally. Reuters reported that the dollar has fallen to a four-year low, just a day prior to the Federal Reserve interest rate cut that’s set to be announced on September 17 at 2 pm local time. A weakening dollar is a good sign for riskier assets that are viewed as a safe haven against inflation, such as gold and cryptocurrency. Bitcoin in particular has been on an upward trend in the days leading up to the Fed decision. The crypto market itself has been anticipating a Fed rate cut since the beginning of the week, with Bitcoin (BTC) surging by more than 5% in the past seven days. Even a day prior to the decision, the overall crypto market cap surged past the $4 trillion psychological barrier. It now stands at $4.16 trillion as more liquidity flows into the markets. Most recently, BitMine Chairman Tom Lee predicted Bitcoin and Ethereum would see a “monster move” that will catapult the price to new heights if the Fed follows…
The post Here’s why Bitcoin price is going up 5% ahead of Federal Reserve decision appeared on BitcoinEthereumNews.com.
With the Fed decision on the horizon, Bitcoin is gearing up for what looks like a potential rally if traders’ expectations are met. So far the asset has been hiking up near the $118,000 mark. Will it go any higher? Summary The Fed is expected to cut interest rates by 0.25%, paving the path for a much anticipated rally for alternative assets. Bitcoin has been rising by over 5% for the past few days as it continues to hike up ahead of the Fed decision. Bitcoin and market traders are expecting the Federal Reserve to cut interest rated by a quarter-point, or 25 basis point reduction from the current target range of 4.25% to 4.5%. The easing of monetary policy could see the dollar weakening and alternative assets picking up speed for a rally. Reuters reported that the dollar has fallen to a four-year low, just a day prior to the Federal Reserve interest rate cut that’s set to be announced on September 17 at 2 pm local time. A weakening dollar is a good sign for riskier assets that are viewed as a safe haven against inflation, such as gold and cryptocurrency. Bitcoin in particular has been on an upward trend in the days leading up to the Fed decision. The crypto market itself has been anticipating a Fed rate cut since the beginning of the week, with Bitcoin (BTC) surging by more than 5% in the past seven days. Even a day prior to the decision, the overall crypto market cap surged past the $4 trillion psychological barrier. It now stands at $4.16 trillion as more liquidity flows into the markets. Most recently, BitMine Chairman Tom Lee predicted Bitcoin and Ethereum would see a “monster move” that will catapult the price to new heights if the Fed follows…
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