Bitcoin Surges Past $70,000 on Fed Rate Cut Bets

Bitcoin’s daily gain recently hit a three-month high, signifying the crypto market’s positive response to wagers on Federal Reserve rate cuts.

Jessica Gabriela Soehandoko

6 Jun 2024 - 18.24
A-
A+
Bitcoin Surges Past $70,000 on Fed Rate Cut Bets

Illusrtation - Bitcoin currency.

Bisnis, JAKARTA—Bitcoin, the largest cryptocurrency by market cap, has recently surged past $70,000 as Fed rate cut bets gather momentum in the global market.

Following data releases indicating cooling US inflation and a weaker labor market, the market is growing more optimistic about a Fed rate cut in November. Meanwhile, some Treasury yields have recorded the sharpest two-day decline in 2024, easing financial conditions that could benefit speculative assets like cryptocurrencies.

According to data from coinmarketcap.com, Bitcoin's price was at $71,118 as of Wednesday, 14:27 Western Indonesian Time (WIB), up 4.40 percent over the past week. Significant coins like Ether, BNB, and Solana rallied in the last 24 hours, while popular tokens like Doge surged.

BNB, the cryptocurrency released by major crypto exchange Binance, was traded at around $695, surpassing its previous record of $691 in 2021. This coin is often viewed as a sentiment indicator for the company.

Cek Berita dan Artikel yang lain di Google News dan WA Channel
Editor: Yusuf Waluyo Jati
Jelajahi peluang bisnis terpercaya dengan berlangganan
Temukan keleluasaan dan keuntungan maksimal dengan pilihan paket berlangganan eksklusif ini
BERLANGGANAN SEKARANG
Tidak Memerlukan Komitmen, Batalkan Kapan Saja
Penawaran terbatas. Ini adalah penawaran untuk Langganan Akses Digital Dasar. Metode pembayaran Anda secara otomatis akan ditagih di muka setiap empat minggu. Anda akan dikenai tarif penawaran perkenalan setiap empat minggu untuk periode perkenalan selama satu tahun, dan setelah itu akan dikenakan tarif standar setiap empat minggu hingga Anda membatalkan. Semua langganan diperpanjang secara otomatis. Anda bisa membatalkannya kapan saja. Pembatalan mulai berlaku pada awal siklus penagihan Anda berikutnya. Langganan Akses Digital Dasar tidak termasuk edisi. Pembatasan dan pajak lain mungkin berlaku. Penawaran dan harga dapat berubah tanpa pemberitahuan.
BIG MEDIA
Jalan K.H. Mas Mansyur No. 12AKaret Tengsin - Jakarta Pusat 10220
© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.
BIG MEDIA
Jalan K.H. Mas Mansyur No. 12AKaret Tengsin - Jakarta Pusat 10220
© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.