Crypto Daily – (BTC) is holding above the $58,000 support. This week will confirm the first rate cut by the Federal Reserve, signalling a pivot into a looser monetary cycle. The U.S. dollar is continuing to weaken, and has taken advantage. Will Bitcoin now follow gold’s lead?
First rate cut to be made on Wednesday
A very uncertain economic environment still pervades across the globe, and political incertitude continues amid the latest unsuccessful assassination of presidential hopeful Donald Trump. However, high unemployment and lower inflation in the U.S have enabled the Federal Reserve to confidently predict the first rate cut since the pandemic hit in early 2020.
The market’s expectation of the size of the rate cut to be announced on Wednesday has been extremely volatile. From only a 15% chance of a 50 basis points cut only a week ago, the Fedwatch tool is now signalling a 59% chance of a bigger first cut.
Some analysts had predicted that the…
Read More