- U.S. Fed Minutes Spark Optimism Over Rate Cuts
- Bitcoin Price Mirrors Market Technicals
- Bitcoin Price Soars 3%
Bitcoin price marked a milestone achievement today as it topped the $61,000 level again, driven by strong bullish market dynamics and anticipated US Fed rate cuts.
U.S. Fed Minutes Spark Optimism Over Rate Cuts
Dovish U.S. Fed Minutes from the July meeting indicated a looming rate cut as soon as September. CME Fed Watch Tool data illustrated that 71.5% expect a 25 bps rate cut, while 28.5% anticipate a 50 bps cut. The minutes showed that Federal Reserve officials lean towards more accommodative monetary policy.
Bitcoin Price Mirrors Market Technicals
The BTC fear and greed index rose to 39 today, signaling positive market reactions to the Fed's potential rate cuts. Derivatives market data shows a strong uptrend for BTC, with a 22.87% increase in volume reaching $68.61 billion. Bitcoin ETFs also saw significant inflows in recent days, bolstering investor confidence.
Bitcoin Price Soars 3%
At press time, BTC price surged nearly 3% to reach $60,904. 24-hour trading volume rose by 25.61% to $36.52 billion, and global crypto market cap increased by 2.36% to $2.15 trillion. Bitcoin dominance stood at 55.86%. A recent report showed Bitcoin's dominance nearing a 40-month high, adding to market optimism.
Current market conditions and anticipated Fed rate cuts continue to support Bitcoin's bullish trend. Investors are closely monitoring developments, assessing potential future market movements.
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