Bitcoin reaches its previous all-time high again

The cryptocurrency markets have seen a significant recovery in the last few hours,
with Bitcoin once again surpassing the $68,000 level amid general market upswings.

Content:

Bitcoin

Gold

Swiss National Bank

Bitcoin

This increase comes after the Federal Reserve kept its forecasts for cutting interest rates three times this year, despite inflation rates exceeding expectations in January and February of the current year.

Bitcoin’s value reached a daily high of $68,240, increasing by more than 10% in the last 24 hours, but it has now fallen to $67,344, an increase of about 6.7% in the last 24 hours.

At the same time, Ethereum also experienced an increase, being the second-largest cryptocurrency by market value, now registering an increase of about 10% in the last 24 hours, reaching a level of $3,540.

Gold

Gold surges to historical levels after the Federal Reserve’s decisions:

it prices globally saw a record increase during Thursday’s trading, due to the weakening of the US dollar and bond yields.
This increase is attributed to the Federal Reserve’s decision to continue its forecasts for cutting interest rates three times this year.

Interest rate cuts reduce the opportunity cost of investing in gold, which yields no return,
and put pressure on the dollar’s value, making gold more attractive to investors holding other currencies.

In yesterday’s session, the Federal Reserve kept interest rates unchanged,
but monetary policymakers indicated that they expect to cut them by three-quarters of a percentage point by the end of 2024.

Federal Reserve Chair Jerome Powell stated that recent readings of high inflation rates have not affected the core vision of inflation in the United States.
Powell affirmed that monetary policymakers are still determined to cut interest rates before the end of the year,
with expectations for continued economic growth.
Additionally, the central bank raised its forecasts for core inflation to 2.6%, compared with previous expectations of 2.4%,
while keeping its inflation rate forecast for the current year at 2.4%.

Swiss National Bank

Swiss National Bank cuts interest rates against expectations:

Following its first meeting in 2024, the monetary policy committee of the Swiss National Bank today decided to surprise the markets by cutting the interest rate to 1.50%,
a decision that diverges from expectations that pointed to maintaining the rate at 1.75%.

Short-term interest rates are key factors in measuring the currency level, as traders look to other indicators’ results to predict rate changes in the future.
The Swiss National Bank typically announces targeted interest rates for Swiss Franc deposits, and these rates are determined based on the average price.
The interest decision is made based on the central bank’s policy and outcomes that will be revealed later.

It’s worth noting that the US Treasury Department has labeled Vietnam and Switzerland as currency manipulators,
placing China and nine other countries on a watchlist in an annual report aimed at preventing countries
from manipulating their currencies to gain unfair trade advantages.

Bitcoin reaches its previous all-time high again

Bitcoin reaches its previous all-time high again

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