On Wednesday, the price of bitcoin rose amid expectations of an interest rate cut by the US Federal Reserve, as well as positive data on the growth of capital flows into spot exchange-traded funds, which supported market sentiment, reports UNN with reference to Investing.
The price of bitcoin rose on Wednesday amid expectations of an interest rate cut by the US Federal Reserve, as well as positive data on capital flows to exchange-traded funds. Bitcoin rose by 0.6% to $59,964, having traded in the range of $50,000 to $60,000 during September.
The cryptocurrency market as a whole has also risen, with expectations of lower rates in the US, which may favor risky assets such as bitcoin. At the same time, BlackRock's iShares Bitcoin Trust recorded capital inflows for the first time in two weeks, reversing the outflow trend.
Markets are expecting the Fed to cut its interest rate, which could lead to an increase in liquidity and demand for speculative assets. At the same time, trading volumes on bitcoin ETFs remain lower than at the beginning of the year.
Recall
Bitcoin's price fell last week amid a lack of any major positive signals for crypto assets, although the token's losses were limited by ongoing speculation about lower interest rates in the US.