BTC showed green candles in the last 2 periods on the 15-minute chart and the price increased rapidly. It rose from below $62,000 to $62,250. Bitcoin (BTC) price increase occurred shortly before the Solana ETF application. Additionally, the rise being triggered while Fed member Bostic was speaking is extremely important.
Why Are Cryptocurrencies Rising?
Bitcoin price was at $62,200 at the time of writing. Fed member Bostic mentioned that a rate cut could be possible in the last quarter before the PCE data arrives tomorrow, indicating that inflation is on the right track. If the PCE, which is the inflation indicator followed by the Fed, comes in below expectations tomorrow, we may see the rise accelerate along with slowing BTC sales.
At the time of writing, Bostic said the following:
“Inflation is moving in the right direction, a rate cut in the 4th quarter is possible. The Fed can achieve 2% inflation with a historically tight labor market. Businesses in the service sector say their pricing power is decreasing. I forecast a quarter-point rate cut for 2025, the Fed is taking a long-term approach. Before the first cut, which should be seen as the first in a series, I want to be absolutely sure that inflation will return to 2%, which is a reason to be patient. The share of goods rising by 5% or more has fallen below 20%. Inflation remains a major concern, businesses say they do not see a cliff for the labor market.”
