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Bitcoin Blasts Past $118K š ā Fed Rate Cut Hype Ignites Risk-On Rally
Bitcoin holds over $118,000 on Thursday after rising over 5% this week.
CME FedWatch predicts a 99% likelihood of a Federal Reserve rate drop in October, boosting risk appetite.
US-listed BTC spot ETFs saw a third straight day of inflows on Wednesday, while Metaplanet gained 5,268 BTC.
Bitcoin (BTC) stabilizes around $118,000 on Thursday after gaining over 5% this week. As market players price in a 99% possibility that the Fed will decrease borrowing prices on October 29, the rising trend continues. On Wednesday, BTC spot Exchange Traded Funds (ETFs) saw their third consecutive day of inflows, and Metaplanet added 5,268 BTC to its reserve. Institutional demand continues high.
Bitcoin climbed almost 4% Wednesday, ending over $118,500. A funding bill failure by Congress led to a government shutdown, prompting the demonstration. Due to BTC's inverse connection to the USD, the cryptocurrency rose substantially as the news pushed the USD down.
On Wednesday, Automatic Data Processing (ADP) announced that private-sector businesses cut 32,000 positions in September, the most since March 2023. After first reporting a 54,000 rise, August payrolls were cut down by 3,000.
Institutional BTC demand grows.
This week, institutional and corporate investors have backed Bitcoin's gain. The SoSoValue data below reveals that Bitcoin spot ETFs received $675.81 million on Wednesday for the third day in a row. BTC may rise if these inflows increase.
Corporately, Japanese investment company Metaplanet bought 5,268 BTC on Wednesday, raising its total holdings to 30,823 BTC.
Bitcoin exchange reserves have plunged to their lowest level since 2018, with CryptoQuant's graphic indicating a steady decline since early September.
The exchange's BTC reserve is at its lowest level since 2018, signaling weaker investor selling pressure and trade supply.
#BTCPriceVolatilityNow #StrategyBTCPurchase #BTC $BTC
Bitcoin holds over $118,000 on Thursday after rising over 5% this week.
CME FedWatch predicts a 99% likelihood of a Federal Reserve rate drop in October, boosting risk appetite.
US-listed BTC spot ETFs saw a third straight day of inflows on Wednesday, while Metaplanet gained 5,268 BTC.
Bitcoin (BTC) stabilizes around $118,000 on Thursday after gaining over 5% this week. As market players price in a 99% possibility that the Fed will decrease borrowing prices on October 29, the rising trend continues. On Wednesday, BTC spot Exchange Traded Funds (ETFs) saw their third consecutive day of inflows, and Metaplanet added 5,268 BTC to its reserve. Institutional demand continues high.
Bitcoin climbed almost 4% Wednesday, ending over $118,500. A funding bill failure by Congress led to a government shutdown, prompting the demonstration. Due to BTC's inverse connection to the USD, the cryptocurrency rose substantially as the news pushed the USD down.
On Wednesday, Automatic Data Processing (ADP) announced that private-sector businesses cut 32,000 positions in September, the most since March 2023. After first reporting a 54,000 rise, August payrolls were cut down by 3,000.
Institutional BTC demand grows.
This week, institutional and corporate investors have backed Bitcoin's gain. The SoSoValue data below reveals that Bitcoin spot ETFs received $675.81 million on Wednesday for the third day in a row. BTC may rise if these inflows increase.
Corporately, Japanese investment company Metaplanet bought 5,268 BTC on Wednesday, raising its total holdings to 30,823 BTC.
Bitcoin exchange reserves have plunged to their lowest level since 2018, with CryptoQuant's graphic indicating a steady decline since early September.
The exchange's BTC reserve is at its lowest level since 2018, signaling weaker investor selling pressure and trade supply.
#BTCPriceVolatilityNow #StrategyBTCPurchase #BTC $BTC
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BTC
120,459.39
+2.52%