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Cryptocurrency and Bitcoin rise with expectations of interest rate cuts

2019-07-31 12:17 pm | Resource: News | No Views : 16

 Cryptocurrency and Bitcoin rise with expectations of interest rate cuts Prices of cryptocurrency have risen in the past few hours with the price of Bitcoin over $ 9500 against the US dollar. BTC is showing positive signs and may continue to rise around $ 10,000 and $ 10,200. The price is likely to continue to rise once the resistance levels exceed $ 9,750 and $ 9,800.

Yesterday, we saw strong support forming Bitcoin near $ 9.150 and $ 9200 against the US Dollar. As a result, Bitcoin started a correct upward correction above resistance levels at $ 9,300 and $ 9,320. Moreover, there was a successful break above the $ 9500 resistance level

Bitcoin rose on Wednesday morning as investors prepared the results of the Fed meeting later in the afternoon. The height of Bitcoin also affects the other cryptocurrency to follow

Lower interest rate

The US central bank expects to cut interest rates for the first time in a decade. It is likely to announce its decision at 14:00 Eastern Time with the catalog of Chairman Jerome Powell to hold a press conference at 14:30 ET. Market expectations suggest a quarter-point cut in interest rates.

The proposed move by the Federal Reserve led the US Futures Index to rise alongside Bitcoin. However, the issues arising from the US-China trade war limit profits, at least from US stocks. President Donald Trump said in a series of tweets that China is not keeping its promise to buy US agricultural products. On the other hand, China denied the charge, saying it was making these purchases.

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  • Bitcoin rose to $ 91414.61, up nearly 3 per cent in the previous 24 hours.
  • Futures futures on the CME rose 2.31 percent.
  • Where Etherium, XRP, Litecoin and Binance Coin rose by 2 to 3 percent.
  • At the same time, Bitcoin Cash recorded profits of more than 5.5%, the highest in all ten top cryptocurrency.

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