Bitcoin Price Prediction: BTC Soars 3.5%, Fed Cuts Stir USD, Zodia Joins Ripple’s Network
In a striking display of market dynamics, Bitcoin’s price surged to $40,630, marking a notable 3.50% increase on Monday. This uptrend in Bitcoin’s value coincides with a weakening US Dollar, as market speculation intensifies around potential Federal Reserve rate cuts.
Adding to the cryptocurrency sphere’s vibrancy, Zodia Custody, supported by banking giant Standard Chartered, has made a strategic move to join Metaco’s Global Crypto Storage Network, a platform owned by Ripple. This integration highlights the growing interconnectedness and sophistication of the global cryptocurrency infrastructure.
In anticipation of a critical employment report set to influence U.S. interest rates, the markets responded cautiously to Federal Reserve Chair Jerome Powell’s comments, sparking early-week volatility in the dollar. Amidst this backdrop, Bitcoin surged in the Asian market, breaking the $40,000 barrier for the first time in over a year.
The dollar’s decline was fueled by Powell’s acknowledgment of a slowing economy and the possibility of policy tightening, alongside reduced expectations for further rate hikes. Market indicators pointed to a 60% chance of a rate cut by March.
Dollar on shaky ground as Fed rate cut bets strengthen https://t.co/ga3waJBzwn pic.twitter.com/M7ZAKH5Qda
— Reuters (@Reuters) December 4, 2023
Concurrently, Bitcoin’s value ascended as the dollar weakened, reaching new heights. The pressure exerted on the dollar by Powell’s remarks led investors to anticipate US regulatory approval for stock-market traded Bitcoin funds, further driving Bitcoin’s upward trajectory.
The integration of Zodia Custody into Metaco’s cryptocurrency network, powered by Ripple, is expected to have a positive impact on Bitcoin (BTC)
