Bitcoin maintained its position above $67,000 on Thursday, benefitting from a global market surge following the Federal Reserve’s indication of interest rate cuts in the near future.
As of 3:45 a.m. ET, the digital currency was trading around $67,339, reflecting a nearly 7% increase from the previous 24 hours, according to data from CoinGecko.
Despite experiencing significant volatility following its recent record high of $73,797.68, Bitcoin saw a dip below $61,000 on Wednesday, resulting in a loss of approximately $200 billion in market value.
However, a late-stage rebound was witnessed on Wednesday, partly driven by the Fed’s announcement of maintaining interest rates at their current levels while signaling potential future rate cuts.
The overall market sentiment following the news led to a rally in both global stocks and cryptocurrencies. Lower interest rates typically create a favorable environment for risk assets like bitcoin.
Source (CNBC)
