- Bitcoin Price Surpasses $60K
- Bitcoin ETFs Record 4th Consecutive Inflow Day
- Odds of a 50 bps Rate Cut Reach 53%
Bitcoin price surged above $60,000 ahead of today’s important Federal Open Market Committee (FOMC) meeting.
Bitcoin Price Surpasses $60K
At the moment of writing this article, BTC is trading above $60,000, up by over 3% in the past 24 hours. On September 17, Bitcoin’s price spiked and surged over $61,000 ahead of a slight correction. Yesterday marked the fourth consecutive day in which BTC ETFs recorded positive flows at almost $187 million, according to official data from SoSoValue.
Bitcoin ETFs Record 4th Consecutive Inflow Day
Fidelity’s Bitcoin ETF, FBTC was the inflow leader with $56.6 million in influxes, followed by Ark Invest and 21Shares’s Bitcoin ETF, ARKB, which recorded inflows of over $42 million. BlackRock’s IBIT, along with Grayscale’s BTC ETFs, did not see any inflows or outflows yesterday. This was a positive week for the US-based crypto products with consecutive inflow days. The most significant day was September 13 when the BTC ETFs recorded $263 million in inflows, the highest day since July 31. After starting the week at $59,000, BTC recorded a dip close to $57,000 levels on September 16, ahead of a reversal.
Odds of a 50 bps Rate Cut Reach 53%
As CNBC noted, contrary to fears of a potential recession in the US, the latest retail sales data showed strong consumer spending ahead of today’s Federal Open Market Committee (FOMC) meeting. According to official reports, US retail sales rose by 0.1% in August, defying economists’ expectations of a 0.2% decline. Now, global markets await the first rate cut by the US Fed since 2020 as inflation has been moving closer to the Fed’s target of 2%. Also, the odds of a 50 bps rate cut today have hit a new high at 53%, according to Kalshi.
Today’s FOMC meeting could have significant implications for Bitcoin’s trajectory and the overall economic situation. Markets are anticipating a possible interest rate cut, which may lower borrowing costs for US companies and send a signal to other central banks.
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