Cryptocurrency prices rose during Friday’s trading, as investors closely monitored U.S. monetary policy developments in the coming months.
Markets still anticipate a potential 25 basis point cut in the Federal Reserve’s interest rate during its meeting scheduled for the 16th and 17th of this month, despite inflation data coming in higher than expected.
Digital currencies recorded further gains today, continuing a four-day rally that partially recovers the heavy losses incurred last week.
In detail, Bitcoin rose by 0.5% to $115,000, after reaching as high as $116,357 earlier in the session, capturing approximately 57.2% of the total cryptocurrency market.
Meanwhile, Ethereum increased by 2.35% to trade at $4,527.90, and Ripple (XRP) rose by 1.3% to reach $3.0512.
The global market capitalization of digital assets reached $4 trillion, with a 24-hour trading volume of $166.85 billion.
On the national front, data from the Bitcoin office in El Salvador showed that the country purchased 27 units of Bitcoin last week, bringing its total holdings to 6,317.18 BTC, valued at over $726 million.
Additionally, the chances of a 25-basis-point interest rate cut in the upcoming Federal Reserve meeting rose to 92.5%, compared to 89% a week ago, with a 7.5% probability of a larger 50-basis-point cut, according to the “FedWatch” tool.
Disclaimer: Investing in cryptocurrencies carries very high risks, including extreme price volatility and potential financial losses. It is always recommended to conduct thorough research before making any investment decisions and to avoid risking funds you cannot afford to lose.
