From Investing.com

September 16, 2024 01:00:21 pm:

According to CME FEDWATCH data shared on Bloomberg terminal, the likelihood of a significant interest rate increase is now above 50%. A decision on interest rates is anticipated at the FOMC meeting on Sept. 18, with the chances of a 50 basis point cut standing at 63%.

The possibility of a rate cut has risen, with a 63% chance of a 50 basis point reduction and a 37% probability of a 25 basis point cut. The Federal Reserve’s previous announcements of an impending rate cut this year have been a key factor in driving up cryptocurrency prices, like Bitcoin.

Bitcoin saw a price surge of nearly 5% last Friday, reaching $60,000, but dropped to $58,560 in the last 24 hours. Analysts believe that an upcoming Fed rate cut could fuel further Bitcoin rally and push prices even higher if other market conditions remain bullish.

Read more at Investing.com: Bitcoin Rally to Continue? Big Fed Rate Cut Probability Soars By U.Today