From Investing.com

November 7, 2024 3:00:21 pm:

Bitcoin surged above $76,000 as the market awaits the Federal Reserve’s interest rate decision. Glassnode cofounders closely track Bitcoin’s progress, suggesting a major move ahead. The cryptocurrency hit $76,509, setting a new all-time high amidst rising Nasdaq and S&P 500 indices. Bitcoin’s weakening correlation with traditional markets raises questions on its independent rise potential.

Investors anticipate a Fed rate cut following a half-percentage-point drop in September. Financial markets expect a quarter-point cut as nearly certain. The Fed’s interest rate decision today will be closely watched, with Fed Chair Jerome Powell’s comments providing insight into economic and interest rate expectations. Traders are pricing in a 99% chance of a quarter-point cut in rates.

Read more at Investing.com: Bitcoin’s Next Move Predicted as Market Awaits Fed Rate Decision By U.Today