look news india
Mumbai: On expectations that the US Federal Reserve will start cutting interest rates in September, cryptocurrencies saw a surge and other crypto prices improved, led by the flagship crypto Bitcoin. In the last twenty-four hours, Bitcoin once again crossed the $59,000 mark.
Following Federal Reserve Chairman Jerome Powell’s statement on Tuesday that the US economy is no longer overheated, crypto players are expecting interest rate cuts to begin in September.
However, Powell did not give any indication of when interest rate cuts would begin. US inflation data for June will be released on Thursday. Inflation data also provides direction to the Federal Reserve in making interest rate decisions.
The recovery in cryptocurrencies also resulted in the total global market capitalization rising to $2.16 trillion.
Over the last twenty-four hours, Bitcoin fluctuated between a high of $59,422 and a low of $57,001 and was trading at $58,570 late in the evening. Ethereum was priced at $3095 while BNB was quoted at $579.