Bitcoin Is Getting Close To $29,000 As Investors Wager On A "Monster" Fed Rally

When Federal Reserve officials met to consider whether to suspend their sequence of interest-rate rises, Bitcoin moved closer to $29,000 for the very first time since June.

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As of 11:41 a.m., the top virtual money by market value increased by as much as 2.3% to $28,793. New York, where. This year, Bitcoin has increased by roughly 70%. That follows a 64% reduction from the previous year.    

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Ilan Solot, co-head of digital content at financial services company Marex Solutions, claimed that there was "some desire for Bitcoin ahead of the Fed because of pricing in the likelihood that the Fed may surprise with a dovish side." Prepare for a huge bounce if the Fed makes a surprise move to the doveish side.

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The likelihood that the Fed will increase rates by a quarter of a percent, to a range of 4.75% to 5%, the highest since 2007 just on eve of the financial meltdown, were about 84% as of Wednesday morning.

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The recent instability in the US and European financial markets, which resulted in the failure of three US banks and the weekend takeover of Credit Suisse Group AG by UBS Group AG, has caused a new boom in cryptocurrency prices. Advocates of digital assets claim that their sector benefits as investors know that tokens are beyond the control of governments and are unrelated to any of the problems that exist with various lenders.