Bitcoin hits historic record high
Driven by expectations of a Federal Reserve interest rate cut in September, Bitcoin hit a record high of 124,474 dollars in the morning hours. Investors are focused on the Fed's September interest rate meeting.
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Bitcoin has broken its all-time record due to expectations that the US Federal Reserve (Fed) will cut interest rates in September. Rising to as high as 124,474 dollars in the morning hours, Bitcoin has become the center of attention for investors and the crypto world. The signals of an interest rate cut from the Fed have pushed Bitcoin's price to a record level. During the same period, Ethereum also reached 4,733 dollars, coming very close to its all-time record of 4,864 dollars.
INTEREST RATE CUT EXPECTATIONS ARE RISING
US President Donald Trump's pressure on the Fed for interest rate cuts and inflation remaining below expectations have strengthened the possibility of the Fed cutting rates in September. Some analysts predict that interest rates could be cut 2-3 times by the end of the year. The expectation of an interest rate cut increases demand for risky assets like Bitcoin.
The Fed will announce its September interest rate decision on Wednesday, September 17, at 21:00. The target range for the federal funds rate is currently set at 4.25-4.50 percent.