<\/p>\n\n\n\n
Bitcoin\u2019s price surged to a three-week high on Friday, driven by improved risk appetite following the Federal Reserve’s significant interest rate cut. The world’s largest cryptocurrency gained momentum, rising in tandem with broader risk-driven markets like stocks. Other cryptocurrencies also posted gains, with Bitcoin leading the rally and setting the stage for a strong weekly performance.<\/p>\n\n\n\n
Bitcoin Heads for Weekly Gain<\/strong><\/p>\n\n\n\n By 01:24 ET (05:24 GMT), Bitcoin was up 2.9%, reaching $63,813.9 \u2014 its highest level since mid-August. The cryptocurrency was also up 6.4% for the week, heading for its second consecutive weekly increase.<\/p>\n\n\n\n The recent rally was fueled by the Fed\u2019s 50 basis point rate cut, which marked the beginning of an anticipated easing cycle. Lower interest rates typically boost liquidity, which often flows into speculative assets like cryptocurrencies.<\/p>\n\n\n\n Analysts predict that rates could fall by as much as 125 basis points by the end of the year. This development has bolstered sentiment in the crypto market, reigniting hopes for further upside.<\/p>\n\n\n\n Despite the Fed’s rate cut providing a boost to Bitcoin and other risk assets, gains were somewhat tempered by comments from Federal Reserve Chair Jerome Powell. He noted that the central bank\u2019s neutral rate would be higher than previous cycles, casting doubts on how low interest rates might fall in the future.<\/p>\n\n\n\n Concerns about the state of the U.S. economy also linger, as the aggressive rate cut sparked fears of slowing growth. While low interest rates were instrumental in Bitcoin\u2019s 2021 bull run, the sector has since struggled with declining retail interest.<\/p>\n\n\n\n Even the launch of spot Bitcoin exchange-traded funds (ETFs) earlier this year provided only a temporary boost to trading volumes, as Bitcoin remained largely within a narrow trading range for much of 2024.<\/p>\n\n\n\n Altcoins Post Mixed Weekly Performance<\/strong><\/p>\n\n\n\n While Bitcoin led the charge, other cryptocurrencies saw mixed results. World no.2 crypto Ether rose 5.5% to $2,544.20 and was up 5.2% for the week, following closely behind Bitcoin.<\/p>\n\n\n\n Altcoins, including SOL, XRP, ADA, and MATIC, saw varying performance. Solana (SOL) led the altcoin rally with a 7.2% rise on Friday and an 8.2% gain for the week. However, XRP, ADA, and MATIC posted more modest increases and were on track for flat-to-low weekly results.<\/p>\n\n\n\n Among meme tokens, Dogecoin (DOGE) rose 2.4% on Friday and registered a 1.2% increase for the week.<\/p>\n\n\n\n Bitcoin’s price surge this week underscores the cryptocurrency market\u2019s sensitivity to macroeconomic factors like interest rates. While the Fed’s rate cut has breathed new life into Bitcoin and other digital assets, questions about the U.S. economy\u2019s health and the future path of interest rates may continue to influence market sentiment in the months ahead.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s price surged to a three-week high on Friday, driven by improved risk appetite following the Federal Reserve’s significant interest rate cut. The world’s largest cryptocurrency gained momentum, rising in tandem with broader risk-driven markets like stocks. Other cryptocurrencies also posted gains, with Bitcoin leading the rally and setting the stage for a strong weekly …<\/p>\n","protected":false},"author":9,"featured_media":68662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,6827,49,36],"tags":[6904,6903,7922,7167],"class_list":["post-106185","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-daily-economic-reports","category-economic-reports","category-market-updates","tag-bitcoin","tag-cryptocurrencies","tag-mining","tag-yen"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/106185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=106185"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/106185\/revisions"}],"predecessor-version":[{"id":106186,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/106185\/revisions\/106186"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/68662"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=106185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=106185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=106185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}