CandleFocus Bitcoin Holds Above $60K as Traders Warn of Sell-Off on 50 Basis Point Fed Rate Cut
2024-09-18
Author: Content Editor
Bitcoin is currently trading above $60,000 as traders await announcements from the U.S. Federal Open Market Committee (FOMC). The FOMC meeting is expected to result in rate cuts, which historically have boosted bullish sentiment among traders. There is a 67% chance of a rate cut, with traders on Polymarket split between a 100 and 125 basis points cut. However, a larger rate cut could trigger concerns about the economy. Despite this uncertainty, Bitcoin has shown strong gains in the past week and Q4 is historically a strong period for Bitcoin. Additionally, Anthony Scaramucci predicts that rate cuts and clearer regulations in the U.S. could lead Bitcoin to reach a record high, with a potential 150 basis points rate cut at the next Fed meeting. In other crypto news, Sui has seen positive market sentiment after USDC launched on the platform and Circle enabled its Cross-Chain Transfer Protocol (CCTP). Circle has also entered into an agreement with Polymarket to integrate its infrastructure into the prediction market platform.
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