Investing.com– Bitcoin’s price rose marginally on Wednesday after strong cheer over global monetary easing lost some of the momentum.
Meanwhile, a barrage of stimulus measures from China aided overall sentiment, while markets positioned for interest rate cuts by Swiss and Swedish central banks this week, following the Federal Reserve’s first rate cut since 2020.
rose 0.1% to $63,713.0 by 09:40 ET (13:40 GMT).
Is Bitcoin breakout imminent?
The world’s biggest cryptocurrency marked a strong recovery over the past two weeks, as risk appetite was aided chiefly by a bumper interest rate cut by the Fed.
The Fed also announced the start of an easing cycle that is expected to see rates fall by at least 125 basis points by end-2024, according to Citi analysts. Goldman Sachs (NYSE:) expects the Fed to cut rates by 25 bps at each meeting between November and June 2025.
Coindesk reported…
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