Bitcoin is Recovering! $60,000 Surpassed Again – Here’s the Reason for the Surge

Bitcoin price saw a notable surge above $60,000 following the release of the Federal Reserve meeting minutes. According to market data, BTC is currently trading at $60,862.

This surge in Bitcoin’s value coincided with a period when the US dollar index (DXY) fell below 101, approaching its lowest point since the beginning of the year.

The Fed's minutes showed that “a large majority of members” viewed a September rate cut as a potential move. Upside risks to inflation were perceived as having diminished, with nearly all members predicting that inflation would continue to decline. However, downside risks to employment appeared to have increased. Many participants highlighted the potential consequences of easing policy too late or too little, which could severely weaken economic activity or employment.

The rise in Bitcoin price was caused by the publication of the Fed minutes.

At the time of writing this article, approximately $70 million worth of cryptocurrencies have been liquidated in the cryptocurrency market in the last 12 hours, and $33 million of these were in long positions.

*This is not investment advice.