Crypto Market Sees Gains Ahead of FOMC Meeting
- Bitcoin is up nearly 4%, surpassing $94,000 and targeting a new high of $95,000.
- Ethereum, XRP, and Solana have gained approximately 8%, 4%, and 6%, respectively.
- The total cryptocurrency market cap has increased to $3.18 trillion, reflecting over a 4% rise.
- $289 million in liquidations occurred in the last four hours, primarily from short positions ($265 million).
- The CFTC has launched a pilot program allowing crypto assets like BTC and ETH as collateral in derivatives trading.
The current rally comes just before the Federal Reserve’s anticipated third rate cut of the year, which could further influence market dynamics. Analysts suggest that low funding rates indicate less leverage in the market, potentially setting the stage for continued upward movement.
As Bitcoin approaches significant psychological levels, traders see a near-49% chance it will hit $100,000 by year-end.(Source)
