Bitcoin Rebounds as Trump Could Gain Fed Influence
Leading cryptocurrencies recovered Tuesday following increased expectations of rate cuts after potential Federal Reserve leadership changes.
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Cryptocurrency markets experienced a significant rebound on Tuesday, with Bitcoin recovering to over $111,000 and Ethereum reclaiming $4,600. The rally was driven by expectations of Federal Reserve interest rate cuts following the removal of Governor Lisa Cook, which could give former President Trump more influence over the central bank. Bitcoin rose 1.33% to $111,266, while Ethereum gained 4.11% to $4,559.
The global crypto market cap reached $3.86 trillion, up 2.64% in 24 hours. Market sentiment improved as the probability of a September rate cut increased from 83% to 87%.
However, analysts warn of potential risks, with technical indicators showing a 'death cross' pattern on Bitcoin's weekly chart, and predictions that Ethereum may consolidate between $4,000-$5,000 for months.
Original Article
benzinga.comhttps://www.benzinga.com/crypto/cryptocurrency/25/08/47348978/bitcoin-recovers-amid-trumps-potential-fed-majority-ethereum-dogecoin-xrp-also-gain-analyst