💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Bitcoin Rally to Continue? Big Fed Rate Cut Probability Soars

Published 09/16/2024, 09:10 AM
Updated 09/16/2024, 01:00 PM
© Reuters.  Bitcoin Rally to Continue? Big Fed Rate Cut Probability Soars
BTC/USD
-

U.Today - Bloomberg terminal has just shared on the X platform that data provided by CME FEDWATCH shows that the odds of a high interest rate have surpassed 50%.

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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.