Bitcoin Price Today: Rises to $64K as Rate Cut Optimism Continues

Bitcoin’s price experienced an increase on Wednesday as ongoing optimism regarding global monetary easing attracted more investments into riskier assets, putting the largest cryptocurrency on the verge of a significant breakout.

Support for positive market sentiment came from a wave of stimulus measures from China, as investors prepared for interest rate reductions by the central banks of Switzerland and Sweden this week, following the Federal Reserve’s first rate cut since 2020.

Bitcoin rose by 1.9%, reaching $64,253.3 around 00:47 ET (04:47 GMT).

### Bitcoin Eyes Breakout Above $65,000

Bitcoin has seen a robust recovery over the last two weeks, largely driven by a substantial interest rate cut from the Federal Reserve.

The Fed indicated the beginning of an easing cycle, projected to lower rates by at least 125 basis points by the end of 2024, according to analysts at Citi. Goldman Sachs anticipates a 25-basis-point reduction at each meeting from November through June 2025.

Reports suggest that Bitcoin needs to consistently exceed an August high of $65,000 to facilitate further gains. However, it has struggled to hold levels above $65,000 since reaching an all-time high in March.

Lower interest rates are anticipated to channel increased investments into riskier assets like cryptocurrencies in the months ahead. Despite this, Bitcoin has lagged behind a rally in stock markets, as Wall Street reached new highs following the Fed’s announcement.

Sentiment around cryptocurrency remains somewhat muted, particularly as retail interest has declined this year. An uncertain regulatory environment, amid a competitive U.S. presidential race, has also restricted inflows into the crypto market.

### Crypto Prices Today: Altcoins Move Higher Amid Rate Expectations

Other cryptocurrencies followed Bitcoin’s upward trend, though overall gains were limited.

The second-largest cryptocurrency, Ether, rose by 0.2%, reaching $2,626.93. SOL and ADA led the altcoin movement, increasing by 3.7% and 7%, respectively. XRP gained 1%, while MATIC saw a modest increase.

In the meme token realm, DOGE rose by 2.3%.

Market attention is now focused on upcoming indicators regarding global interest rates. The Riskbank in Sweden is widely anticipated to announce a rate cut later today, while the Swiss National Bank is expected to follow suit on Thursday.

In the United States, Fed Chair Jerome Powell is scheduled to speak on Thursday, and data on the PCE price index— the Fed’s preferred measure of inflation—will be released on Friday.