Bitcoin Rally to Continue? Big Fed Rate Cut Probability Soars

Bloomberg Terminal has just shared on the X platform that data provided by CME FEDWATCH shows that odds of a high interest rate have surpassed 50%.

This week, on September 18, the FOMC is to hold a scheduled meeting on which a decision about bringing down the interest rates is expected to be made.

According to the data from CME FEDWATCH, the probability bet on a 50 basic points rate cut now comprises 63%, the chances of a 25 basic point cut equal 37%.

? CME FEDWATCH SHOWS 63% PROBABILITY BET ON 50BPS CUT, 37% FOR 25BPS AT SEPT 18 FED MEETINGhttps://t.co/jxGpbYWonu

— *Walter Bloomberg (@DeItaone) September 16, 2024

The expectation of a rate cut announced by the Fed Reserve several times earlier this year have been one of the key drivers for the Bitcoin price surges this year. Last week on Friday, the price of the world’s flagship cryptocurrency Bitcoin jumped by almost 5%, allowing BTC to reclaim the $60,000 price level.

Over the past 24 hours, Bitcoin witnessed a decline of 3.22%, falling from $60,000 to the $58,560 zone, where it is changing hands at the time of writing this article.

Many analysts predict that the approaching Fed interest rate cut is likely to allow the Bitcoin rally to continue and advance towards higher levels this year, if other bullish scenarios play out.

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