Bitcoin, the world’s most valuable cryptocurrency, has climbed back above $61,000 per coin on Thursday. The surge comes after the release of Federal Reserve minutes from the July meeting that further strengthened the possibility of rate cuts in September.
The summary of the Federal Open Market Committee meeting showed that the majority of Fed officials were open to cutting the benchmark rate of 5,3%, the highest one in 23 years, at the next meeting if data continues to show inflation cool down. Additionally, it appeared that some officials were in favor of making cuts in July, although the move didn’t receive much support.
The crypto market has taken notice of the shift in the Fed’s policy, with major cryptocurrencies and meme coins surging.
Bitcoin, which largely traded below $60K last week, has hit a price of $61,625.40 at one point. This marks the highest level the cryptocurrency has reached since early August and a more than 13% rise from the $53K-$55K range it traded at the beginning of the month.
Ether also saw significant growth on Thursday, surging to $2,686.18 per coin before slightly coming down to trade around $2,600. Dogecoin jumped 1.23%, while Fantom improved by more than 16%.