Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Bitcoin regains $100,000 price point amid increasing anticipation of Federal Reserve interest rate reduction.
Bitcoin (BTC) momentarily exceeded the $101,000 mark following a 3% increase in the hours after the release of November’s Consumer Price Index (CPI) figures, which aligned with the anticipated 2.7% rate.
This surge has bolstered investor optimism, with a 98% likelihood now attributed to a 25 basis point rate reduction by the Federal Reserve in the upcoming week, which could lower the US benchmark interest rate to 4.33%.
At the time of reporting, Bitcoin was priced at $100,215 after sellers were unable to maintain a decline below the six-figure threshold, according to data from CryptoSlate.
The recent gains for Bitcoin follow a 10% decline from its all-time high of $103,918.67 achieved on December 5. During this downturn, the market faced two flash crashes, with BTC briefly falling to $90,200 before bouncing back.
Despite the fluctuations, CryptoQuant CEO Ki Young Ju suggests that Bitcoin’s corrections in this bullish phase may be constrained, influenced by increasing demand from exchange-traded funds (ETFs) and unprecedented institutional accumulation.
Related Posts
Broader market increase
The broader cryptocurrency market also experienced an uptick alongside Bitcoin, fueled by rising anticipations of rate cuts.
According to CryptoSlate data, Ethereum (ETH) rose by 7.5% in the last 24 hours, exceeding $3,800, while XRP increased by 20% during the same timeframe to reach $2.42.
Solana (SOL), Cardano (ADA), Tron (TRX), and Avalanche (AVAX) also noted double-digit price gains — rising 11%, 16%, 10.6%, and 13%, respectively. Additionally, Sui (SUI) re-entered the top 20 largest cryptocurrencies by market capitalization following a 20% increase to $4.25.
As per Artemis data, the average gains in the crypto market over the past 24 hours were recorded at 7.8%. Tokens associated with centralized exchanges exhibited the strongest average daily performance, with a 17% increase.
In contrast, native tokens for bridges, such as LayerZero (ZRO) and Wormhole (W), experienced an average rise of 10%. Furthermore, none of the 22 sectors monitored by Artemis showed negative performance over the past 24 hours.
The post Bitcoin recovers $100k price level as expectations of Fed rate cut rise appeared first on CryptoSlate.
