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(MENAFN) Today, Wednesday, the cryptocurrency market experienced a notable surge in prices, with Bitcoin leading the charge by surpassing the USD70,000 mark once again. This marked the fifth consecutive session of gains for Bitcoin, reflecting investor optimism regarding potential interest rate cuts by the US Federal Reserve later this year. The positive sentiment stemming from expectations of monetary policy easing has bolstered confidence in global markets.
Bitcoin's value reached USD70,530 at 8:20 am Singapore time, marking its longest daily increase in three months. Despite being approximately 5 percent lower than its previous all-time high, this surge is attributed to growing anticipations of imminent interest rate cuts by the US Federal Reserve, alongside an overall improvement in financial conditions.
The correlation between Bitcoin and the Nasdaq 100 index of American technology stocks has surged to nearly its highest level since 2023. This trend underscores the increasing confidence among investors in the broader financial markets.
In addition to Bitcoin, other cryptocurrencies also witnessed gains. Ethereum saw a rise of 0.61 percent, reaching USD3,787, while Binance Coin surged by 11.56 percent to USD704.61. Cardano experienced a modest increase of 0.87 percent, followed by Ripple XRP with a rise of 1.01 percent, and Dogecoin, which gained 2.93 percent. These positive movements across various cryptocurrencies reflect the buoyant sentiment prevailing in the cryptocurrency market amid expectations of monetary policy adjustments and improving financial conditions.
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