Bitcoin hits its largest intraday gain in over a month, boosted by prospects of a Fed rate cut
Bitcoin hit its largest intraday gain in over a month on Tuesday, as prospects of a Fed rate cut are expected to boost demand for speculative assets. The world's largest cryptocurrency rose by as much as 6.4% to $61,337, marking its biggest intraday gain since August 8. Smaller cryptocurrencies such as Ethereum, Dogecoin, and Solana also rose. Pricing in the swaps market indicates a 55% probability that the Fed will cut rates by at least 25 basis points on Wednesday, with a 50 basis points cut. "I think the increasing correlation between cryptocurrencies and traditional markets is driving Bitcoin higher," said Shiliang Tang, President of Arbelos Markets
Jinshi Data reported on September 18th that Bitcoin saw its largest intraday gain in over a month on Tuesday, as prospects of a Fed rate cut boosted demand for speculative assets. The world's largest cryptocurrency rose by 6.4% to $61,337 at one point, marking its biggest intraday gain since August 8th. Other smaller cryptocurrencies such as Ethereum, Dogecoin, and Solana also rose. Pricing in the swap market indicates that the Fed is expected to cut rates by at least 25 basis points on Wednesday, with a 55% probability of a 50 basis point cut. "I believe the increasing correlation between cryptocurrencies and traditional markets in recent times" is driving Bitcoin higher, said Shiliang Tang, President of Arbelos Markets