Investing.com– Bitcoin’s price rose to a three-week high on Friday and was headed for a strong week as risk appetite was boosted by an outsized interest rate cut by the Federal Reserve.
While the world’s biggest cryptocurrency had initially logged a mixed reaction to the rate cut, it eventually tracked an uptrend in other risk-driven markets, specifically stocks. Broader cryptocurrency prices rose on Friday and were also set for weekly gains.
rose over 1% to $63,514.0 by 08:21 ET (12:21 GMT) – its highest level since mid-August.
Bitcoin heads for a weekly gain
Bitcoin was trading up around 6% this week, and was headed for a second positive week.
Sentiment towards crypto markets was boosted by the , given that lower rates free up more liquidity that can then be deployed towards speculative assets.
The Fed’s cut marks the beginning of an easing cycle that analysts…
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