Bitcoin Rallies as Markets Anticipate September Rate Cut

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.