As a seasoned analyst with over two decades of experience in financial markets, I have witnessed numerous ups and downs, bull runs, and bear markets. This latest development in Bitcoin’s price action is intriguing indeed, given the upcoming FED meeting that could potentially lead to interest rate cuts.
On Monday, Bitcoin plummeted significantly, but currently, the bulls have regained dominance and have instigated a powerful surge that pushed Bitcoin to reach a 3-week high of over $61,000.
This situation presents an interesting twist, given that analysts predict the U.S. Federal Reserve will lower its benchmark interest rate either today or tomorrow, marking the first such decrease in many years.
Previously, Bitcoin reached such high prices around mid-August; however, it quickly dropped from more than $62,000 to less than $59,000 within just a few hours.
Today’s price increase follows a challenging Monday where Bitcoin experienced a dip from approximately $60,000 down to $57,600.
Generally speaking, most alternative cryptocurrencies tended to mirror Bitcoin’s upward trend. Specifically, Ethereum increased by 4% over the night and is now hovering around $2,400. It had dipped to approximately $2,270 during yesterday’s price correction.
Once more, the price of Binance Coin reached $550, Solana is now valued at $135, and Ripple (XRP) almost hit $0.6 following a 3.8% increase in value for the day.
Among the top 100 alternative cryptocurrencies, some of the highest price surges are seen in TIA (up by 15%), IMX (also up by 15%), TAO (rising by 13.6%), FTM (with a 10% increase), and UNI (going up by 9%).
Based on data from CoinGlass, the combined value of closed positions now stands at approximately $123 million, with BTC short trades accounting for a significant portion at around $47 million. In the last 24 hours, over 42,000 traders have experienced losses.
This upcoming week is significant for all financial markets since the U.S. Federal Reserve will convene on September 18th and 19th to deliberate on the possibility of reducing interest rates. It’s worth noting that Fed Chair Jerome Powell hinted last month that the U.S. central bank might consider adopting the approach taken by the European Central Bank, the Bank of England, and the Bank of Canada.
Many specialists predict a decrease of 0.25% in U.S. interest rates, though others advocate for a larger drop of approximately 0.75%.
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2024-09-17 19:06