Bitcoin price rallied throughout October 2023, marking another profitable month for BTC holders.
Bitcoin and Ethereum prices are close to key psychological levels, $34,400 and $1,800, ahead of the Federal Reserve’s interest rate decision. Cryptocurrencies in the top 10by market capitalization noted an increase in their prices in the week leading up to the Fed’s decision. Traders foresee a 98.2% probability that the US Federal Reserve will leave interest rates unchanged on Wednesday.
The SEC’s decision could therefore influence BTC price directly, as opposed to unchanged interest rates. Scenario 2: US Fed cuts interest rates Market participants believe that there is a 1.8% probability of an interest rate cut. In the event of a rate cut, risk assets like Bitcoin and altcoins are expected to rally. Typically, a rate cut makes it cheaper to borrow funds and engage in leveraging risk assets like Bitcoin for gains.
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