2023-11-29 15:33:36
Bitcoin broke above the $38,000 level in Asian trading hours on Wednesday morning. This rise was fueled by renewed hopes earlier this week that spot exchange-traded funds (ETFs) might soon be approved. In addition, the other reason behind the optimism was that traditional market analysts expect interest rate cuts. Solana’s token led the rise among Layer 1, i.e., basic blockchains. The price of SOL jumped almost 8% in the last 24 hours, reversing the losses suffered last week. Avalanche’s AVAX token also surged 6.6%, while Dogecoin rose over 5%. Bitcoin’s momentum began to pick up late Tuesday following Federal Reserve Chairman Chris Waller said the latest data points to a slowing economy and continued easing of inflation. According to him, this shows that the current measures are in the “right place”. Waller also said that if inflation continues to fall, there might be a good case for a rate cut in a few months. Such interest rate decisions tend to move the markets quite a bit. Higher interest rates generally mean that demand for risky assets such as stocks and cryptocurrencies falls, as investors can earn higher returns from less risky assets such as bonds. On the other hand, global bank Standard Chartered has doubled down on its April prediction that bitcoin will reach $100,000 by the end of 2024. Analysts argued that the expected approval of several spot bitcoin ETFs is “likely to happen sooner than expected,” which might act as a catalyst for the entire crypto market. Thus, this can also give the price of bitcoin a serious boost.
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