Bitcoin

<h2 id="quick-take">Quick Take</h2> 
After a stunning run-up, <a href="https://cryptoslate.com/coins/bitcoin/">Bitcoin</a> reached its year-to-date high on Dec. 1, touching $39,000. 
The price action could be correlated to expected cuts to the federal funds rate in 2024.&nbsp; Data from <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME</a> indicate a 57% probability of a rate cut in March 2024, hinting at a possible shift in the economic landscape. 
Thus, the forthcoming meetings of the Federal Open Market Committee (FOMC) in December and January, which are currently predicted to result in a pause in the rate cycle, hold significant implications for the crypto market. 
<figure id="attachment_378646" aria-describedby="caption-attachment-378646" style="width: 100%" class="wp-caption aligncenter">
 <img fetchpriority="high" decoding="async" class="wp-image-378646 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/12/cme.png" alt="CME Fed Watch Tool: (Source: CMEGroup)" width="603" height="262" srcset="https://cryptoslate.com/wp-content/uploads/2023/12/cme.png 603w, https://cryptoslate.com/wp-content/uploads/2023/12/cme-300x130.png 300w" sizes="(max-width: 603px) 100vw, 603px">
 <figcaption id="caption-attachment-378646" class="wp-caption-text">
 CME Fed Watch Tool: (Source: CMEGroup)
 </figcaption>
</figure> 
Concurrently, gold, often seen as a safe-haven asset, is teetering on the brink of its all-time high, having recently surpassed $2,060. This simultaneous surge in Bitcoin and gold underlines the intricate interplay between traditional and digital assets, a relationship likely influenced by anticipated macroeconomic shifts. 
<figure id="attachment_378647" aria-describedby="caption-attachment-378647" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-378647 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/12/btg.png" alt="BTCUSD and Gold: (Source: Trading View)" width="1410" height="1003" srcset="https://cryptoslate.com/wp-content/uploads/2023/12/btg.png 1410w, https://cryptoslate.com/wp-content/uploads/2023/12/btg-300x213.png 300w, https://cryptoslate.com/wp-content/uploads/2023/12/btg-1024x728.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/12/btg-768x546.png 768w" sizes="(max-width: 1410px) 100vw, 1410px">
 <figcaption id="caption-attachment-378647" class="wp-caption-text">
 BTCUSD and Gold: (Source: Trading View)
 </figcaption>
</figure> 
The post <a href="https://cryptoslate.com/insights/bitcoin-hits-39000-while-gold-approaches-all-time-high/">Bitcoin hits $39,000 while gold approaches all-time high</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.

Bitcoin hits $39,000 while gold approaches all-time high

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