Bitcoin prices rose more than 3% this morning (March 21) and are back above $68,000 in response to news from the Federal Reserve. Sending a signal to cut interest rates 3 times in 2024.
According to CoinDesk, at approximately 7:45 a.m. local time, Bitcoin's price jumped $2,484, or 3.78%, to $68,177.
Bitcoin rises after the US Federal Reserve decided to keep short-term interest rates at 5.25-5.50% at yesterday's meeting as expected. As for interest rate policy expectations (Dot Plot), Fed officials still indicate a 3-time interest rate cut in 2024, each cut by 0.25%, for a total of 0.75%, which is unchanged from the previous one. Which indicated 3 interest rate cuts at the December 2023 meeting
Mr. Owen Lau, CEO of Oppenheimer (Oppenheimer) says that Bitcoin benefits from lower interest rates and rebounding liquidity in the market and the same applies to technology stocks.
When the Fed raised interest rates in 2022, liquidity was drained from the market. This has an impact on the price of Bitcoin and technology stocks as well. Conversely, when the Fed lowers interest rates, liquidity will flow into the market. This will be a supporting factor for risky assets like Bitcoin.
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