Bitcoin (BTC) Recovers with Strong Rally, Surpassing $61K Ahead of FOMC Meeting
Bitcoin experienced a sharp decline on Monday but has since rallied significantly, reaching a three-week high above $61,000. This surge comes as the U.S. Federal Reserve is poised to announce its first interest rate cut in years, potentially within the next day or two.
The last time Bitcoin reached this level was in mid-August, when it dropped abruptly from over $62,000 to below $59,000 within hours. Today’s rally follows a tough Monday, during which Bitcoin fell from around $60,000 to $57,600.
Many altcoins have also benefited from Bitcoin’s resurgence. Ethereum has risen by 4% overnight, trading close to $2,400 after dipping to $2,270 during yesterday’s downturn. Binance Coin has reclaimed $550, Solana (SOL) is back at $135, and XRP has approached $0.60 following a 3.8% daily increase.
Among the top 100 altcoins, notable gains include TIA (15%), IMX (15%), TAO (13.6%), FTM (10%), and UNI (9%).
Liquidations have surged, totaling $123 million, with Bitcoin shorts accounting for $47 million of that amount. Over 42,000 traders have faced losses in the past day.
This week is pivotal for financial markets as the Federal Reserve meets on September 18 and 19 to discuss potential interest rate cuts. Fed Chair Jerome Powell indicated last month that the U.S. central bank may follow in the footsteps of the ECB, Bank of England, and Bank of Canada. Most analysts expect a 0.25% cut, although some are advocating for a more substantial reduction of 75 basis points.
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