Bitcoin Today //: Expectation of interest rate cut keeps BTC

2024: Expectation of interest rate cut keeps BTC close to US$ 60 thousand

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September 18, 2024

Stephen Douglas

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Bitcoin Today 09/18/2024: Expectation of interest rate cut keeps BTC close to US$ 60 thousand
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The cryptocurrency market is in a state of anticipation, with Bitcoin (BTC) holding close to the $60,000 mark after a recovery. According to data from CoinGecko, in the last 24 hours, the price of BTC has risen 1.4% to $59,962, at the time of writing. In reais, each BTC costs R$328,760. Other cryptocurrencies, known as altcoins, are also trading slightly higher this Wednesday (18).

The price movement comes amid anticipation surrounding the Federal Open Market Committee (FOMC) meeting, which takes place today and tomorrow in the United States. The Federal Reserve is expected to discuss the possibility of cutting interest rates. As experts point out, this could bring great volatility to the financial market, including the cryptocurrency sector.

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After a temporary pullback on Monday, Bitcoin has surged again, hitting a three-week high of $61,300. However, since that peak, the cryptocurrency has retreated slightly to its current price. Still, the asset is up 6% over the past 7 days, demonstrating strength as investors await news from the U.S. central bank.

Bitcoin had already performed positively on Friday, rising from below $58,000 to nearly $61,000. That rally was partially halted on Monday, when the cryptocurrency quickly fell to $57,500. However, buyers regained control on Tuesday afternoon, pushing BTC back to the $60,000 level.

Performance of Bitcoin and other cryptocurrencies

This rally in the crypto market reflects growing speculation about the Federal Reserve meeting. Fed Chairman Jerome Powell has previously signaled that an interest rate cut could be on the horizon, which, if confirmed, could impact not only the cryptocurrency market but also traditional financial markets.

While Bitcoin has been a standout performer, major altcoins have seen more modest moves over the past 24 hours. Ethereum (ETH), for example, has fallen 0.1% in the period to $2,308. Meanwhile, BNB has risen 0.1% to $542.33.

Solana (SOL), Ripple (XRP) and Dogecoin (DOGE) also recorded small declines this morning: -2.3%, -2.5% and -0.2%, respectively.

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However, the outlook is more encouraging for mid-cap cryptocurrencies. Nervos Network (CKB), Celestia (TIA) and Artificial Superintelligence Alliance (FET) led the gains over the last day, with gains of 4% to 8%.

The total cryptocurrency market cap is down 0.6% daily and currently stands at around $2.15 trillion, according to data from CoinGecko. Bitcoin’s dominance is at 54.9%, while Ethereum’s is at 12.9%.