Bitcoin soars above $61K on Fed interest rate cut expectations

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Bitcoin soars above $61K on Fed interest rate cut expectations
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The cryptocurrency market is experiencing a moment of great anticipation with the approach of the United States Federal Open Market Committee (FOMC) meeting, scheduled for September 18 and 19. Bitcoin, the largest cryptocurrency in the world, registered a strong recovery on Tuesday, surpassing US$ 61 thousand.

This represents its highest value in three weeks. In the past 24 hours, the price of BTC has risen more than 5%, according to data from CoinGecko.

This move comes after a significant drop on Monday (16). Yesterday, Bitcoin plummeted from around $60,000 to $57,600, raising concerns in the market. However, buyers managed to regain control, propelling BTC to a new high in the short term.

This price increase is particularly significant because it coincides with expectations that the Federal Reserve (Fed), the central bank of the United States, could cut interest rates for the first time in years. The last time Bitcoin was at this price level was in mid-August, before it suffered a sudden drop from over $62,000 to under $59,000 in a matter of hours.

Bitcoin Resurfaces Above $60,000

In addition to Bitcoin, other cryptocurrencies also showed significant gains. Ethereum, for example, rose 2.8% and is now trading close to $2,400, after falling to $2,270 earlier in the week. Binance Coin (BNB) is back to touching $550, Solana (SOL) is at $135, and XRP is close to $0.60.

Among the cryptocurrencies with the biggest gains, TIA (15%), IMX (15%), TAO (13.6%), FTM (10%) and UNI (9%) stand out, all of which registered significant increases in the last 24 hours. Overall, the total value of liquidated positions in the market rose to US$ 123 million, with traders who bet on the fall of BTC standing out, totaling US$ 47 million in losses.

The focus now is on the Federal Reserve meeting, which is expected to discuss a possible interest rate cut. Fed Chairman Jerome Powell has already signaled that the U.S. central bank may follow the lead of other major financial institutions, such as the European Central Bank, the Bank of England and the Bank of Canada, which have recently cut their interest rates.

Analysts believe the Fed could announce a 0.25% rate cut. However, some experts argue that a more aggressive reduction of up to 0.75% could be necessary to stimulate the economy. If such a cut occurs, it could generate even more movement in the cryptocurrency market. After all, the low interest rate environment tends to favor investments in risky assets, such as cryptocurrencies.

Bitcoin soars above $61K on Fed interest rate cut expectations

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Bitcoin soars above $61K on Fed interest rate cut expectations

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Bitcoin soars above $61K on Fed interest rate cut expectations

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