The king of cryptocurrencies has just surpassed $37,000 and continues to increase its 24-hour gains. The risk appetite of investors is growing amid increasing optimism for ETF approval. The post Bitcoin Surpasses $37,000 as Optimism Grows for ETF Approval appeared first on COINTU...
Bitcoin at $37,000
The prolonged stay of BTC price at $36,000 has led some investors to expect further declines. However, a few hours ago, the critical threshold was surpassed. The king of cryptocurrencies is now attempting to close above $37,000. The short-term profit-taking should have been much higher and the price should have retraced rapidly. However, investors have also started to become convinced of a rebound.
As optimism for ETF approval increases, Bloomberg experts give a 90% chance of approval by January 10th. Fed interest rate expectations have turned to a 25bp cut for May. The expected interest rate cut in September is being withdrawn early after positive data. Moreover, while a 50bp cut was expected, the annual rate cut expectation has climbed to 100bp.