Bitcoin Rallies as Markets Anticipate September Rate Cut
Main Idea
Bitcoin's price surged to $122K amid heightened expectations of a Federal Reserve interest rate cut in September, with broader market rallies observed in both crypto and traditional equities.
Key Points
1. Bitcoin reached $122K as the probability of a September Fed rate cut rose to 99.9%, per CME FedWatch Tool.
2. Stock markets (S&P 500, Nasdaq, Dow) and other cryptocurrencies like ether (ETH) also saw significant gains.
3. The Fed's September meeting will address interest rates, following internal dissent at the July meeting and a recent governor resignation.
4. Bitcoin's 24-hour trading volume rose nearly 12% to $82.38B, while its market dominance fell below 60% for the first time since January.
5. BTC futures open interest increased by 1.61% to $82.13B, with bears incurring $69.13M in liquidations versus bulls' $18.30M.
Description
The leading cryptocurrency soared to $122K Wednesday morning as the broader crypto market broke the $4 trillion threshold once again this week. Growing Bets on Fed Rate Cut in September Send Bitcoin Higher Bitcoin topped $122K on Wednesday as expectations of an interest rate cut by the U.S. Federal Reserve in September increased to 99.9%
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