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The world’s largest cryptocurrency, Bitcoin, is showing a rapid price breakout, printing several consecutive long green candles on the chart.
Today, over the past few hours, BTC has managed to soar by 2.36%, rising by $2,000, from $82,700 to the $84,650 price mark.
Gamza KhanzadaevThis sudden price surge has taken place after news was announced that traders have increased their bets that throughout this year, the Federal Reserve is likely to conduct a further interest rate cut after all, and it will total a staggering 100 basis points. That is equal to 1% and is twice as much as the Fed predicted in March. Last year, starting in September, the regulator cut rates only by 50 and then 25 basis points.
Amid the current economic uncertainty and new tariffs imposed by U.S. President Donald Trump on all goods imported to the U.S. from most countries, even islands with only penguins living on them, with the glaring exception of Russia and Belarus, might be driving investors toward Bitcoin to seek a safe haven in it.
Still, the sustainability of this BTC price surge depends on how the markets react to it and on the actual actions of the Federal Reserve, especially on the remarks its chairman Jerome Powell will be dropping in the near future.
Vladislav Sopov
Dan Burgin