This week, on Sept. 18, the FOMC is to hold a scheduled meeting in which a decision about bringing down the interest rates is expected to be made.
According to data from CME FEDWATCH, the probability bet on a 50 basis point rate cut now comprises 63%, while the chances of a 25 basis point cut equal 37%.
The expectation of a rate cut announced by the Federal Reserve several times earlier this year have been one of the key drivers for the Bitcoin price surges this year. Last week on Friday, the price of the world’s flagship cryptocurrency, Bitcoin, jumped by almost 5%, allowing BTC to reclaim the $60,000 price level.
Over the past 24 hours, Bitcoin witnessed a decline of 3.22%, falling from $60,000 to the $58,560 zone, where it is changing hands at the time of writing this article.
Many analysts predict that the approaching Fed interest rate cut is likely to allow the Bitcoin rally to continue and advance to higher levels this year – if other bullish scenarios play out.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
