The post Bitcoin Soars as Fed Rate Cut Speculation Fuels Market Surge appeared on BitcoinEthereumNews.com.

Bitcoin shifts as anticipation of Fed rate cuts fuels market confidence. Ethereum and Solana also rise as the market anticipates Fed policy changes. The potential of Federal Reserve rate cuts has sparked renewed interest in Bitcoin and other risk assets. Historically, low interest rates have benefited Bitcoin by increasing liquidity and promoting investment in high-risk assets. Recent FOMC minutes indicate future policy easing in favor of cryptocurrencies. Bitcoin is currently experiencing volatility, with ascending expanding wedges indicating big price swings as it approaches major resistance levels. Crypto Market Surges as Fed Rate Cut Speculation Spikes Federal Reserve Chair Jerome Powell’s recent statements, along with other signs of a probable policy shift, have fueled speculation that the central bank may decrease interest rates at its September meeting. This optimism has been key to the recent rise in bitcoin prices, indicating increased investor confidence. As the market anticipates the Fed’s next moves, all eyes are focused on future speeches from key Federal Reserve officials. President Mary Daly of the San Francisco Federal Reserve will participate in a television interview on August 26, followed by statements from Raphael Bostic, President of the Atlanta Fed, on August 28. These statements are intended to provide additional insight into the Fed’s policy position. Bitcoin’s price rose 1.8% to $61,500 on Friday, slightly touching $62,000, as Federal Reserve Chairman Jerome Powell indicated interest rate reduction in the near future. Powell’s remarks at the Jackson Hole Economic Policy Symposium signaled the Fed’s willingness to modify rates in response to changing economic data, reassuring investors and contributing to the recent bitcoin boom. Ethereum and Solana prices also increased, climbing 2.7% to $2,675 and 2.1% to $145, respectively. Market confidence in the Fed’s projected monetary policy relaxation, after maintaining interest rates unchanged since July 2023, has boosted risk on assets…

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Filed under: News - @ August 26, 2024 9:24 pm