Cryptocurrencies Could Recover as Fed Expected to Cut Rates — Market Talk
Bitcoin and other cryptocurrencies have scope to recover further from recent falls as the Federal Reserve looks set to cut interest rates on Wednesday, IG analyst Chris Beauchamp says in a note. While equities have rallied ahead of the Fed decision in recent weeks, the crypto recovery appears to be only just getting started, he says. "Looser monetary policy should see renewed flows into crypto, with the situation intensified by the recent pullback creating more potentially attractive longer-term entry opportunities." Falls in bitcoin and ether at the weekend and last Monday attracted buyers. This should reinforce the view that lows have formed for now, Beauchamp says. Bitcoin rises 1.5% to $91,541, according to LSEG. Ether rises 1.8% to $3,144. ([email protected])