Bitcoin has recently reached a new record high of $113,788.23, accompanied by a wave of growth in altcoins, linked to recent Federal Reserve announcements.
Cryptocurrencies on the Rise
Bitcoin's price recently hit a new record of $113,788.23. Altcoins are also showing growth of up to 7%. This surge is attributed to recent comments from Federal Reserve officials.
Federal Reserve's Position
Fed member Waller has been highlighting July as a favorable time for interest rate cuts for several weeks. Two other members also indicated support for this idea if supported by economic data. In his recent speech, Waller noted that the time to ease has come, although he did not provide specific details.
Market Expectations
Expectations for the effective tariff rate range from 15 to 20%. The FedWatch tool shows that views on the potential for a rate cut this month lean towards 6.7%. Expectations for a rate cut in September increased by 2%, now surpassing 65%.
The cryptocurrency market, particularly Bitcoin, is experiencing significant growth due to news of potential changes in Fed monetary policy, which could open new horizons for investors.
