U.Today – Bloomberg Terminal just shared on the X platform that data provided by CME FEDWATCH shows that the probability of a high interest rate has exceeded 50%.
This week, on September 18, the FOMC will hold a scheduled meeting at which a decision on interest rate cuts is expected to be made.
According to CME FEDWATCH data, the probability of a 50 basis point rate cut is now 63%, while the chances of a 25 basis point cut are 37%.
The expectation of a rate cut announced by the Federal Reserve several times earlier this year has been one of the key drivers of this year’s price gains. On Friday last week, the price of the world’s flagship cryptocurrency, Bitcoin, rose by almost 5%, allowing it to reclaim the $60,000 price level.
Over the past 24 hours, Bitcoin experienced a 3.22% drop, falling from $60,000 to the $58,560 zone, where it is currently changing hands at the time of writing.
Many analysts predict that the impending Federal Reserve interest rate cut will likely allow Bitcoin’s rally to continue and advance to higher levels this year, if other bullish scenarios play out.
This article was originally published on U.Today
