Bitcoin surpasses $63,000 to one-month high; What’s behind the rally?
Live MintBitcoin stood out as it surged to one-month highs on Monday, continuing its rally following last week's substantial rate cut by the Federal Reserve. This move, made shortly after the Fed's 50 basis points rate cut, halted the yen's significant appreciation this month, which has seen a 1.4 per cent increase in September. With Japan observing the Autumnal Equinox Day, the primary focus of trading shifted to expectations of additional Fed rate cuts and the resulting gains in equities, commodity currencies, and other risk assets. Fed futures traders are anticipating 75 basis points of rate cuts by the end of this year and nearly 200 basis points by December 2025, which would lower the Fed's policy rate to 2.75 per cent by the end of next year, according to CME FedWatch.