The price of Bitcoin neared $60,000 amid expectations of an interest rate cut by the U.S. Federal Reserve and other macroeconomic data.
Bitcoin Price Rise
Bitcoin's price reached $59,813 on Friday, September 13, 2024, at 23:08 local time (WIB), rising by 3.22% from $57,946 in two hours. Factors contributing to this rise include positive U.S. macroeconomic data and expectations that the Federal Reserve will cut interest rates at the September 18, 2024, FOMC meeting.
Market Expectations for Interest Rate Cut
According to data from the CME FedWatch Tool, the probability of a 25 basis points rate cut is now 49%, significantly different from 70% a few days ago. The probability of a 50 basis points rate cut is 51%. Analyst Rekt Capital noted that Bitcoin's positive price reaction could lead to a daily close above the lower boundary of the price channel, allowing for further growth. 'Closing the day above the lower boundary of the channel has allowed for growth in the past. For the week, it is important that Bitcoin remains above $58,150,' said Rekt Capital on platform X.
BlockDAG Testnet Launch
In line with the latest Bitcoin market developments, BlockDAG is preparing for the launch of its testnet. Collaborating with football clubs Borussia Dortmund and Inter Milan, the project is ready to introduce the test version of its blockchain platform. The testnet will allow developers and users to test new features without the risk of asset loss. The main goal is to ensure all platform aspects are verified before its official launch.
Thus, the rise in Bitcoin's price and the launch of BlockDAG's testnet highlight the importance of current events in the crypto world. Expectations of an interest rate cut and the development of new blockchain technologies may lead to further growth and industry development.
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