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Bitcoin Today 12/12/2024: BTC may break highs after Fed meeting
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With inflation data from the United States coming as expected, the Bitcoin (BTC) rose 2.7% in the last 24 hours. According to CoinGecko, the cryptocurrency opened on Thursday (12) worth US$100,410, but reached US$101,000.
Among the Top 10 cryptocurrencies, Ethereum (ETH) rose 5.8% and is expected to retest the $4,000 level. About that, Cardano (ADA) rose 12% and had the biggest increase in the Top 10. In the Top 100, practically all cryptocurrencies opened the day on a high, with emphasis on AAVE, which increased in value by more than 30%.
THE HYPE token came next with increase of 29% and RAY was one of the few that depreciated, falling by 1.6% in the last 24 hours. Now, the market’s attention is focused on the meeting that will decide the new interest rate in the United States scheduled to take place on the day December 18th.
On Wednesday (11), the Brazilian Monetary Policy Committee (Copom) raised the Selic rate by 100 basis pointsmaking the rate go to 12.25%. This increase was greater than predicted by most analysts, who expected an increase of 75 basis points.
Interest rates should fall in December. What about Bitcoin?
But in the USA, the market is unanimous in predicting that the Copom there (FOMC, its acronym in English) will cut interest rates by 25 basis points. As a result, 98% of analysts estimate that the US interest rate will close the year between 4.25% and 4.5% per year. The data is from the FedWatch tool.
This expectation benefited BTC, which hovered around the $96,000 region for much of the week. With inflation data in line with expectations, Bitcoin rose more than 5% and approached US$ 101,000.
The optimistic sentiment followed the release of CPI inflation data. So heading into the FOMC next week, market analysts are hopeful that there will be a new all-time high for Bitcoin.
The US CPI inflation report fueled the optimism in the US stock market and cryptocurrency market. As the CPI numbers were in line with expectations, investors are hopeful of a modest 25 basis point interest rate cut during the FOMC meeting next week.
The experts estimate a 96 to 98% chance of rate cutswhich could be a catalyst for the prosperous US and global economy. Given the strong correlation between the cryptocurrency and stock markets, the price of Bitcoin saw a rapid rise above $100,000.
During Bitcoin’s consolidation at levels of around US$96,000, large investors took the opportunity to accumulate more units. According to cryptocurrency analyst Ali Martinez, 342 wallets containing over 100 Bitcoins were created as Bitcoin price fell from $104,000 to $96,000.
Bitcoin Today 12/12/2024: BTC may break highs after Fed meeting
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Bitcoin Today 12/12/2024: BTC may break highs after Fed meeting
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Bitcoin Today 12/12/2024: BTC may break highs after Fed meeting
