May 29, 2024
Avalanche, Cardano, and Tron Follow Bitcoin's Bullish Trend
Bitcoin News

Bitcoin Surges Past $38,000 Amid ETF Approval Hopes and Rate Cut Anticipation

Bitcoin surged past the $38,000 mark during the Asian morning hours on Wednesday, buoyed by renewed optimism regarding the potential approval of a spot exchange-traded fund (ETF) earlier this week. Concurrently, conventional market analysts anticipate forthcoming rate cuts.

The SOL tokens of Solana spearheaded the gains among layer-1, or foundational, blockchains, witnessing an impressive 8% surge within the last 24 hours, effectively overturning losses incurred over the preceding week.

Meanwhile, Avalanche’s AVAX experienced a notable 6.6% uptick, accompanied by over 5% increases in both Cardano’s ADA and Tron’s TRX. This bullish trend in Bitcoin gained traction late Tuesday following comments by Federal Reserve Governor Chris Waller, who highlighted recent economic indicators suggesting a slowdown along with a sustained moderation in inflation. Waller indicated that the current policies seemed to be appropriately positioned, hinting at a potential argument for rate cuts should inflation continue its decline in the coming months.

The prospect of interest rate adjustments tends to significantly sway markets. Elevated rates typically signal potential downturns for risk assets like stocks and cryptocurrencies, as investors may opt to secure profits and redirect investments into bonds.

In a separate development, global banking entity Standard Chartered reiterated its earlier April prediction that bitcoin (BTC) could reach $100,000 by the conclusion of 2024. Analysts justified this forecast by emphasizing the anticipated approvals of several spot bitcoin ETFs, noting that these approvals might materialize earlier than initially anticipated, serving as catalysts for an upward market trend.

Image by freepik

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