Bitcoin is attracting attention with its upward movement just days before the Fed’s interest rate decision. Here are the details: The price of Bitcoin (BTC) reached a three-week high of $116,757 ahead of the US Federal Reserve (Fed) interest rate announcement.
The Fed is set to release its highly anticipated interest rate decision on September 17 at 9:00 PM (Turkish time). The market anticipates a 94.2% probability that the Fed will lower the interest rate to the 4% – 4.25% range. This expectation has had a positive effect on investment assets.
As of September 15 at 1:50 PM, Bitcoin is trading at $114,804. The recent gains for the flagship cryptocurrency have helped it recover from the sharp losses seen in August and September.
While the expected drop in US interest rates is raising expectations for risky assets like Bitcoin, the Fed’s focus on persistent inflation is increasing uncertainty. The Fed’s long-term strategy on interest rates in the world’s largest economy remains unclear.
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