BITCOIN in bullish condition .. aiming for 100k
The price of Bitcoin, the leading cryptocurrency, surged to an intraday high of $97,771 earlier today on the Bitstamp exchange.
On Wednesday, the U.S. Federal Reserve will announce its decision on interest rates. The central bank is expected to keep them unchanged.
In fact, Polymarket bettors see only a 2% chance of a 25 basis point rate cut.
This is because Federal Reserve Chairman Jerome Powell is facing increasing pressure to cut interest rates.
However, the central bank is resisting these persistent requests due to inflation remaining above the frequently repeated 2% target.
According to CNBC's May survey on the Federal Reserve, most respondents believe that the Federal Reserve will eventually cut interest rates due to economic issues.