Bitcoin hovers around $61K as markets brace for Fed rate cuts
Share link:In this post: Bitcoin hits $61,000, driven by anticipation of the FOMC rate decision. BTC ETFs recorded a net inflow of $187 million on September 17. Investors are awaiting the Fed’s rate decision, with predictions split between a 0.25% and a 0.5% cut.
Bitcoin (BTC) went on to hit the $61,000 price level after a brief dip as all investor’s eyes are still locked on the US Federal Open Market Committee (FOMC) meeting. The global crypto market printed majorly green indexes depicting traders’ confidence over much anticipated rate cuts.
The cumulative crypto market cap jumped by more than 2% over the last day to stand at $2.08 trillion. Its 24-hour trading volume spiked by 26% to stand at $77.28 billion. However, the fear and greed index still hangs under the ‘Fear’ territory.
Bitcoin holds $60K
Bitcoin price breached $61K on Tuesday night before retracting to the $60K zone. BTC is now up by around 7% in the last 7 days, while, it remains down by 10% over the past 60 days. The biggest crypto is trading at an average price of $60,479, at press time. Its 24-hour trading volume spiked by 39% to stand at $39 billion.
BTC received a bullish push from the positive inflow recorded from exchange-traded funds (ETFs). Data provided by Sosovalue shows that on September 17, the total net inflow of BTC ETFs stood at $187 million. These ETFs have a positive net inflow that has continued for four consecutive days.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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