The price of Bitcoin (BTC) is nearing $65,000 U.S. for the first time in nearly a month as expectations grow for interest rate cuts in America.
Bitcoin’s price has risen more than 7% over the past week to trade at $65,030 U.S. before pulling back to $63,950 U.S. in Asian trading.
The rise in Bitcoin comes after U.S. Federal Reserve Chair Jerome Powell said that the American central bank is likely to lower interest rates at its next policy meeting on Sept. 18.
Lower interest rates, which currently sit at a two-decade high in the U.S., make riskier assets such as cryptocurrencies more attractive to investors.
Powell’s comments at a meeting of central bankers held in Jackson Hole, Wyoming led to a $252 million U.S. inflow into spot Bitcoin exchange traded funds (ETFs) on Aug. 23.
It was the biggest inflow of capital into the more than dozen spot Bitcoin ETFs that trade in the U.S. in more than a month.
So far in 2024, Bitcoin’s price has risen 45%. However, the largest cryptocurrency by market capitalizations price is down from an all-time high of just under $74,000 U.S. reached in March of this year.
