U.Today – (BTC), the largest cryptocurrency by market cap, is back trading above $67,000, extending its gains from Thursday's session.
This price recovery has not gone unnoticed: MicroStrategy co-founder and chairman Michael Saylor issued a bold statement to capture the moment.
Saylor shared his excitement about Bitcoin's price rally on X. In a tweet, Saylor wrote: “Don't miss the liftoff. Bitcoin.” This short but powerful message sums up his belief in Bitcoin's potential and could be a call to the crypto community to stay focused as Bitcoin navigates its way in the near term.
Bitcoin's price recovery to $67,000 comes as the cryptocurrency market successfully avoids further losses following a sell-off earlier this week.
The cryptocurrency market extended losses on Tuesday, the first day of trading for ETFs, as Mt. Gox handed over more Bitcoin to creditors and investors withdrew their funds after the cryptocurrency's best week since March.
A reversal in stocks sent the S&P 500 to its lowest levels since 2022, weighing on cryptocurrencies. Bitcoin fell to a low of $63,479 on Thursday after three straight days of losses, before recovering significantly.
Optimism grows for Fed rate cut in September
According to economic data released on Friday, an important indicator for the Federal Reserve revealed that inflation fell marginally from last year in June, paving the way for a widely expected interest rate cut in September, which is seen as bullish for cryptocurrencies.
There is little expectation that the Federal Open Market Committee, which sets interest rates, will make any move at its policy meeting next Tuesday and Wednesday. However, the market is anticipating a rate cut at the September meeting, which would be the first in years.
In mid-2022, as inflation hit its highest level in more than 40 years, the Fed launched a series of aggressive rate hikes, raising its benchmark interest rate to its highest level in nearly 23 years.
The Fed, however, has kept monetary policy on hold over the past year as it assesses changing data that earlier this year suggested a return of inflation. But it has recently shown a steady cooling, prompting many policymakers to discuss the possibility of at least one cut this year.
This article was originally published on U.Today
