Bitcoin maintained its position above $67,000 on Thursday, as global markets experienced a surge following the Federal Reserve’s announcement of potential interest rate cuts later this year. This comes after Bitcoin reached a record high of $73,797.68 last week, causing significant volatility in the market.
The positive momentum in Bitcoin also had a ripple effect on other digital coins, with Ether seeing an 11% increase to reach around $3,575 at 4:15 a.m. ET.
Currently trading at around $67,339 at 3:45 a.m. ET, Bitcoin has been fluctuating greatly since its peak last week. On Wednesday, it dropped below $61,000 and lost approximately $200 billion in value. However, with the recent news from the Federal Reserve, it began to rebound and regain some of its losses.
The Fed’s decision to keep interest rates steady and potentially lower them multiple times this year has had a positive impact on both global stocks and cryptocurrencies. Lower interest rates typically benefit risk assets, such as Bitcoin.
Vijay Ayyar, vice president of international markets and growth at crypto exchange CoinDCX, believes that while there may be some consolidation in the market, Bitcoin will soon surpass its all-time high. “I sense we consolidate here for a bit, but then should be rallying past all time highs very soon,” Ayyar told CNBC.
The surge in Bitcoin also had a positive effect on other digital coins, with Ether seeing an 11% increase to reach around $3,575 at 4:15 a.m. ET. This indicates a strong overall performance in the cryptocurrency market.
