Bitcoin jumped nearly 6% to above $61,000 before losing momentum as anticipation grew ahead of the Federal Reserve’s key interest rate decision on September 18.
This marks the end of a brief three-day decline, during which Bitcoin slipped from its recent two-week high before rebounding. The latest rally positions the world’s most valuable cryptocurrency back above a crucial psychological level.
At press time, BTC was trading at $60,935, up 5.5% in the past 24 hours, according to CryptoSlate data.
Market rebound
The broader cryptocurrency market also showed signs of recovery, adding over $45 billion to its overall value, with Bitcoin and Ethereum leading the rebound. However, the top 10 cryptocurrencies by market cap showed mixed performance, indicating a cautious sentiment in the market.
Ethereum (ETH), the second-largest cryptocurrency, has seen a 3.5% gain over the past 24 hours, taking its price to $2,369.38. BNB and Solana (SOL) have gained 2.43% and 1.45% over the period to trade at $546 and $132.47, respectively, at press time.
Meanwhile, XRP and Dogecoin (DOGE) were up about 2% over the past 24 hours and were trading at $0.5857 and $0.1014, respectively, while Avalanche (AVAX) was up 3.43% and was trading at $24.2 at press time.
Toncoin (TON) saw a modest increase of 1.38%, taking its price to $5.50, while TRON (TRX) saw a 1.61% gain to $0.1507, and Cardano (ADA) rose 1.87% to $0.3371, at press time.
US Treasury yields fall
Bitcoin’s rise coincided with a significant drop in 10-year US Treasury yields, which fell to their lowest level in 15 months. US yields have fallen for three consecutive sessions as speculation mounts that the Federal Reserve will cut interest rates.
Falling Treasury yields have historically signaled increased investor appetite for riskier assets, including cryptocurrencies.
The Fedwatch tool shows growing confidence in a 0.5% rate cut by the Federal Reserve, with the probability of such a decision reaching nearly 70%. Meanwhile, a more modest 0.25% cut remains less likely, and market participants expect the Fed’s decision to signal the start of a new cycle of monetary easing.
This could provide further support to Bitcoin and other digital assets, which often thrive when risk appetite is strong.
Bitcoin Market Data
At the time of going to press 6:14 PM UTC September 17, 2024Bitcoin is ranked #1 in terms of market capitalization and the price is up 5.51% over the past 24 hours. Bitcoin has a market cap of $1.2 trillion with a 24-hour trading volume of $36.11 billion. Learn more about Bitcoin ›
Cryptocurrency Market Summary
At the time of going to press 6:14 PM UTC September 17, 2024The total cryptocurrency market is valued at $2.1 trillion with a 24-hour volume of $71.98 billionBitcoin dominance is currently at 57.25%. Learn more about the cryptocurrency market ›
