Bitcoin Holds Firm Above $70K Amid Fed Rate Cut Expectations

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Bitcoin is holding steady above $70,000 as Asia starts trading, despite concerns about U.S. inflation and Fed rate cuts.

Pythagoras Investments suggests that Bitcoin’s resilience to inflation data indicates the market is pricing in two, not three, Fed rate cuts for 2024. Bettors on Polymarket are divided on the number of expected rate cuts by the end of 2024.

Meanwhile, traders note Bitcoin‘s positive response to slower outflows from the Grayscale Bitcoin Trust, though more data is needed to determine its impact on the market.

Source: CoinDesk

Bitcoin Holds Firm Above $70K Amid Fed Rate Cut Expectations

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Name	Price	24H (%)
Bitcoin(BTC)	$56,944.73	-3.60%
Ethereum(ETH)	$2,543.17	-4.87%
Tether USDt(USDT)	$1.00	0.04%
BNB(BNB)	$514.77	-1.76%
Solana(SOL)	$141.04	-2.26%
XRP(XRP)	$0.56	-1.79%
Dogecoin(DOGE)	$0.099182	-3.57%
Cardano(ADA)	$0.322683	-3.78%
TRON(TRX)	$0.130124	-0.37%
Shiba Inu(SHIB)	$0.000013	-3.06%
Polkadot(DOT)	$4.26	-3.10%
Chainlink(LINK)	$10.07	-3.00%
Litecoin(LTC)	$65.07	0.75%
Polygon(MATIC)	$0.399299	-4.65%
Monero(XMR)	$148.54	-1.62%
OKB(OKB)	$35.65	-3.56%
ApeCoin(APE)	$0.57	-3.23%