On Wednesday, Bitcoin experienced a notable rise, surpassing the US$27,000 mark and reaching a high of over US$27,400 before retracing. Ether, the second-largest cryptocurrency, remained relatively stable around the US$1,640 level. Among the top 10 non-stablecoin cryptocurrencies, all logged gains, with Toncoin leading the rally with a remarkable increase of over 7%.
The crypto market received a boost from Nomura Holdings, Japan’s leading investment bank, which announced the launch of a Bitcoin-based fund targeted at institutional investors. The fund, called the Bitcoin Adoption Fund, aims to provide institutional investors with seamless access to the digital asset class. Nomura, with around US$500 billion in assets under management, is making its first foray into digital adoption investment solutions through its subsidiary, Laser Digital Asset Management.
Market participants are closely watching the Federal Reserve’s decision on interest rates, although it is widely expected that rates will remain unchanged. The CME FedWatch Tool indicates a 99% probability of no interest rate hike during this meeting. However, factors such as the rising oil price may influence the central bank to adopt a more hawkish stance in its future monetary policies. The benchmark Brent crude futures recently reached a 10-month high of US$95.96 per barrel.
Source: forkast
