At this moment, major cryptocurrency market status – Screenshot from CoinMarketCap
(Seoul=News1) Reporter Hyung-ki Park – Bitcoin has surged by about 4% and even surpassed the $124,000 mark.
As of 10:10 a.m. on the 14th, Bitcoin is trading at $123,940 on CoinMarketCap, a global cryptocurrency market tracking site, which is a 3.59% increase from 24 hours ago.
Just about an hour ago, Bitcoin had hit an all-time high but was hovering around the $123,000 level.
However, approximately 30 minutes ago, it soared to $124,457, once again setting a new all-time high.
This surge is attributed to U.S. Treasury Secretary Scott Besant’s remarks, initially advocating for a 0.5 percentage point rate cut by the Federal Reserve at the September Federal Open Market Committee (FOMC) meeting, followed by assertions that up to a 1.75 percentage point cut would be necessary.
Following his statements, the probability of the Federal Reserve cutting rates by 0.25 percentage points at the upcoming September FOMC meeting has soared to nearly 100% in the Chicago Mercantile Exchange (CME) where federal funds rate futures, the benchmark interest rate in the U.S., are traded.
Consequently, major cryptocurrencies are rallying across the board. Ethereum, the second-largest by market capitalization, is up 2.33% at $4,715, while Ripple, the third-largest, is up 1.58% at $3.29.