Bitcoin Price Returns to USD 60,000 Ahead of Fed Decision

Todaysgist, News Bitcoin (BTC) prices strengthened again to the USD 60,000 (Rp. 921.2 million) range on Wednesday (18/9), as investors await details of the Federal Reserve’s interest rate cut plan.

Quoting CNBC International, Wednesday (18/9/2024) the last Bitcoin price rose 4.3% to USD 60,394.41 (Rp. 927.2 million), according to Coin Metrics.

At one point, Bitcoin prices reached as high as $61,335.83 (Rp.941.7 million) on Monday night when former President Donald Trump launched his new crypto venture, World Financial Liberty Coin.

Bitcoin then returned to the $60,000 level on Tuesday morning as the Federal Reserve began its two-day policy meeting. The US central bank is widely expected to cut interest rates for the first time in four years, which is likely to boost risk assets including Bitcoin.

Bitcoin will likely react to the Fed rate cut news with some easing as short-term market dynamics ease,” said Philipp Pieper, co-founder of Swarm Markets.

“But the longer-term implications of easing monetary conditions point to a new bull cycle for Bitcoin, ether and other markets. In the past, Bitcoin has been somewhat correlated with major tech indices like the Nasdaq, and has generally moved in line with monetary conditions, as investors seek yield in a low interest rate environment,” he explained.

Currently, traders are pricing in a 63% chance that the central bank will cut rates by 50 basis points, according to the CME Group’s FedWatch Tool.

For the record, Bitcoin has been trading in a range between $55,000 and $70,000 this year. Investors have also anticipated a Fed rate cut, the growth of Bitcoin ETFs, and the outcome of the US presidential election as the next catalysts to shake up the crypto market.

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