Bitcoin rises above $59k amid growing bets on imminent US rate cuts

economictimes.indiatimes.com:

Cryptocurrencies have rallied on the back of growing expectations of a Fed easing cycle likely to commence in September, with Powell saying on Tuesday that the U.S. is «no longer an overheated economy». However, he provided little clues on how soon those rate cuts could come.

Meanwhile, the closely-watched U.S. inflation report is due on Thursday, where expectations are for core consumer prices to have held steady on a monthly basis in June.

At 12:56 am, Bitcoin (BTC) was trading 3.1% higher at $59,082, while Ethereum surged 1% to $3,100. Meanwhile, the global cryptocurrency market cap also gained by 2.2% to around $2.16 trillion in the last 24 hours.

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«The crypto market showed initial signs of recovery as the market begins to digest the impact of the German government's large BTC release. With Mt. Gox fears still looming over the market, we can expect the markets to remain choppy in the coming weeks. If Bitcoin breaches the $60,000 mark and stays above it for at least 2 weeks, then we can expect the momentum to sustain,» said Shivam