Bitcoin Surpasses $91,000 Amid Fed Rate Cut Speculations
- Bitcoin reached $91,950 on Sunday, recovering from its early December low of $85,000.
- The cryptocurrency has increased by 5.3% for the month and is up by 1.8% on the day.
- October’s $19 billion leverage wipeout has left market makers cautious and slow to return.
- Economists expect a rise in jobless claims by about 30,000 from the previous figure of 191,000.
- The Federal Reserve’s quantitative tightening concluded on December first.
Bitcoin’s price increase comes as traders anticipate the Federal Reserve’s final interest rate decision for the year and new jobs data this week. The potential for a rate cut is bolstered by forecasts of rising jobless claims and the end of quantitative tightening earlier this month.
Despite Bitcoin’s recent gains, market liquidity remains low following October’s leverage wipeout. Traders are cautious as they await further economic indicators that could influence future rate cuts.Source
