Crypto Market Rallies as Bitcoin, Ethereum Surge Amid Fed Rate Expectations
The cryptocurrency market experienced a notable upswing, driven by gains in Bitcoin and Ethereum.
- The overall crypto market cap increased by 1.9%, reaching $3.92 trillion.
- Bitcoin's price surged by approximately 4%, hitting $115,956, surpassing the 50-day exponential moving average of $114,176.
- Bitcoin has recovered from the October 10 decline caused by US-China trade tensions, where it fell to $103,000.
- Investors anticipate Bitcoin might challenge its all-time high of $126,000.
- Ethereum rose by 7.7%, trading at $4,253, with other coins like XRP, Solana, and Dogecoin also seeing increases, though still facing resistance levels.
Factors Influencing the Rally
- Market optimism is fueled by easing US-China trade tensions and potential Federal Reserve rate cuts.
- A 99% probability of a 25-bps rate cut is anticipated during the October 29 Fed meeting.
- The US and China reached an agreement on October 26, potentially preventing significant tariffs and securing a pause on China's export restrictions.
Currently, Bitcoin is trading at $115,287.40, and Ethereum at $4,160.18, reflecting renewed strength in these major assets.