• Bitcoin left behind as gold hits new record; rate decision now the focus - Crypto Roundup

  • Sep 13 2024
  • Length: 6 mins
  • Podcast

Bitcoin left behind as gold hits new record; rate decision now the focus - Crypto Roundup

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  • Summary

  • Proactive's Billy Farrington discusses latest trends in the cryptocurrency space with Stephen Gunnion, focusing on Bitcoin’s performance during the past week. Bitcoin saw a 2.8% rise, closing the week at around $57,800. This was largely due to a weakening US dollar and potential rate cuts from the Federal Reserve, which could stimulate risk markets like Bitcoin. Farrington highlighted the resistance Bitcoin faces around the $60,000 mark, which it has struggled to surpass in recent weeks. In addition, Farrington discussed the all-time high for gold, which reached $2,580 per ounce. He pointed out that while Bitcoin is sometimes called "digital gold," the two assets have diverged this year, with gold continuing to rise while Bitcoin has largely trended sideways. Looking ahead to next week, the crypto market will be watching closely as the Federal Reserve announces its next move on interest rates, with a potential 25 or 50 basis point cut on the table. “Next Wednesday’s rate cut decision is critical for Bitcoin’s near-term future,” Farrington said, adding that a larger cut could galvanize the bulls and help push Bitcoin past the $60,000 resistance level. For more expert analysis and updates, visit Proactive's YouTube channel, and don’t forget to like the video, subscribe to the channel, and enable notifications for future content. #bitcoin #CryptoNews #GoldPrices #InterestRates #FederalReserve #Cryptocurrency #BTC #DigitalGold #CryptoMarkets #Proactive #ProactiveInvestors #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews
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