- Bitcoin and Asset Price Growth
- Expert Commentary on Financial Markets
- Future Policy Changes by the Fed
Bitcoin surged to nearly $63,000 at the Wall Street open on Sept. 19, matching gains in the stock market.
Bitcoin and Asset Price Growth
Data from Cointelegraph Markets Pro and TradingView captured Bitcoin hitting three-week highs close to $63,500 on Bitstamp. The rise in Bitcoin and other assets like equities and gold follows a significant 0.5% interest rate cut by the Federal Reserve, signaling ongoing financial policy easing in the United States.
Expert Commentary on Financial Markets
As the S&P 500 approaches new all-time highs, BTC/USD is also making strides toward its peak levels from March. Trading firm QCP Capital noted in its latest bulletin, "The US 2Y/10Y treasury spread, an indicator of recession, has been inverted since July 2022 but has recently steepened to +8bps, reflecting market optimism and a shift towards risk-on assets."
Future Policy Changes by the Fed
Further rate cuts are anticipated from the Fed, with two expected before year-end, according to QCP. Highlighting market growth, The Kobeissi Letter stated, "The S&P 500 and Nasdaq are now up over 20% this year alone, with a $3 trillion increase in market cap since September 6th."
The buoyant mood has Bitcoin traders feeling optimistic. Crypto trader and analyst Michaël van de Poppe commented on BTC/USD’s performance: "I assume we’ll consolidate before we continue to go up, but essentially, since Powell has been speaking, markets are going up. Nothing more. Just plenty of room to buy the dips."
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