Bitcoin price rises to $64k as global monetary easing and interest rate cuts drive surge

From Investing.com. September 25, 2024 01:22:51 am:

Bitcoin’s price surged as global monetary easing drove risk-driven asset flows, aiming for a breakout above $65k. Aided by stimulus measures from China and expectations of Swiss and Swedish interest rate cuts, Bitcoin soared 1.9% to $64,253.3. Analysts predict further gains if Bitcoin surpasses $65,000 sustainably.

Following the Fed’s rate cut, Bitcoin rebounded with lower interest rates expected to boost speculative assets like cryptocurrencies. Despite a rally in stock markets, Bitcoin’s performance lagged. Decreased retail interest and regulatory uncertainty amid the U.S. election dampened sentiment. Altcoins followed Bitcoin’s lead, with gains in major cryptocurrencies like Ethereum and Ripple.

Altcoin prices saw a modest increase alongside Bitcoin, with Ethereum rising 3.7% and Ripple climbing 7%. Dogecoin also rose 1%, while Shiba Inu inched higher and SafeMoon gained 2.3%. Market focus shifted to upcoming global interest rate cues, including expected cuts by Sweden’s Riksbank and Switzerland’s central bank. Data on U.S. inflation is set for release later in the week.

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