Bitcoin has climbed back to $60,000, fueled by anticipation of a Federal Reserve interest rate cut expected next week. Bitcoin’s rally comes as markets prepare for the possibility of a 25-50 basis point rate reduction, a move that many believe could further boost BTC and risk-on investments.
The Federal Reserve announce its decision this coming Wednesday, September 18, at the next scheduled Federal Open Market Committee (FOMC) meeting. A rate cut could provide additional momentum for Bitcoin, which has already risen more than 125% over the last year.
Just yesterday, the European Central Bank cut its key interest rate by 0.25 percentage points, following the Bank of Canada’s decision to also reduce its policy rate by 25 basis points last week.
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