Bitcoin Price Update

Bitcoin’s price rose marginally on Wednesday after positive sentiment from global monetary easing diminished slightly.

Market Sentiment

Stimulus measures from China boosted overall sentiment, while markets geared up for anticipated interest rate cuts by Swiss and Swedish central banks, following the Federal Reserve’s first rate cut since 2020.

Bitcoin rose 0.1% to $63,713.0 by 09:40 ET (13:40 GMT).

Is Bitcoin Breakout Imminent?

The world’s largest cryptocurrency experienced a notable recovery in the past two weeks due to increased risk appetite driven by the Fed’s significant interest rate cut. Analysts estimate that the Fed is expected to reduce rates by at least 125 basis points by the end of 2024.

Goldman Sachs anticipates rate cuts of 25 basis points at each meeting from November to June 2025.

Reports indicate that Bitcoin needs to sustain a break above an August high of $65,000 to trigger further gains, although it has struggled to maintain levels above this since its record high in March. Lower interest rates are likely to attract more investments into risk-related assets like cryptocurrencies in the coming months.

However, Bitcoin has lagged behind the rally in stock markets, which have reached record highs following the Fed’s decision. Crypto sentiment remains relatively subdued, partly due to waning retail interest this year and an uncertain regulatory environment influenced by a tight U.S. presidential race.

Crypto Price Today: Altcoins Mixed

Cryptocurrency prices showed mixed performance on Wednesday.

• Ether: fell 1% to $2,607.78
• SOL: increased by 1.6%
• ADA: rose by 2.5%
• XRP: slipped 0.1%
• MATIC: added 1.5%
• DOGE: declined 0.3%

Attention remains on upcoming cues regarding global interest rates. Sweden’s Riskbank is expected to announce a rate cut on Wednesday, while the Swiss National Bank is also anticipated to lower rates on Thursday.

Fed Chair Jerome Powell is scheduled to speak on Thursday, and the PCE price index data, which is the Fed’s preferred inflation measure, will be released on Friday.

Market Volatility Expected

Bitcoin and the broader crypto market may experience increased activity in the coming days, as options contracts worth approximately $5.8 billion are set to expire on Friday at 08:00 UTC.

A total of 90,000 Bitcoin options contracts, along with $1.9 billion in Ether options, are due for settlement. As the leading cryptocurrency options exchange, Deribit manages over 85% of global activity. About 20% of the $5.8 billion Bitcoin options are “in-the-money,” indicating favorable strike prices, which could increase market volatility as traders manage their positions before expirations.

According to Deribit, this expiry is likely to heighten market activity and possibly affect prices as traders close or roll over their positions.

Ambar Warrick contributed to this report.