FOMC

Wednesday

Bitcoin

Higher

<p>The post <a href="https://coinpedia.org/news/bitcoin-news-today-how-the-feds-potential-rate-cut-is-pushing-btc-higher/" rel="noopener noreferrer nofollow">Bitcoin News Today: How the FED’s Potential Rate Cut Is Pushing BTC Higher</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>After the Fed released FOMC minutes on Wednesday that signaled a possible rate cut next month, Bitcoin’s (BTC) price surged 2 percent to reach a daily high of about $61,830. The flagship coin, however, has experienced a significant resistance level around the 50-day Moving Average (MA).&nbsp;&nbsp;</p>
<p>Nonetheless, the daily Relative Strength Index (RSI) has since rallied above 50 percent, suggesting the re-emerging bullish momentum. Moreover, Gold price reached a new all-time high, of above $2,500 an ounce, amid the ongoing rebound of the major global stock indexes led by Japan’s Nikkei 225.</p>
<h2 class="wp-block-heading" id="h-rising-demand-from-institutional-investors-nbsp">Rising Demand from Institutional Investors&nbsp;</h2>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> US <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETF</a> 21 AUG: <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e2.png" alt="🟢" class="wp-smiley" style="height: 1em; max-height: 1em;">$40M to <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> and <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f534.png" alt="🔴" class="wp-smiley" style="height: 1em; max-height: 1em;">$18M to <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a><br><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f31f.png" alt="🌟" class="wp-smiley" style="height: 1em; max-height: 1em;"> BTC ETF UPDATE (final): +$40M<br><br>• The net flow has remained positive for the past 5 trading days.<br><br>• However, yesterday’s flow volume was generally weak.<br><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f31f.png" alt="🌟" class="wp-smiley" style="height: 1em; max-height: 1em;"> ETH ETF UPDATE (final): -$18M<br><br>• The net flow has been negative… <a href="https://t.co/KLTWX4ypd6" rel="noopener noreferrer nofollow">pic.twitter.com/KLTWX4ypd6</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1826469577976676764?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 22, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Led by BlackRock’s IBIT, the US-based spot Bitcoin ETFs have registered more than $210 million in cash inflows over the past two weeks. On Wednesday, the US spot Bitcoin ETFs reported a net cash inflow of about $40 million, thus the total assets under management rising to around $55.96 billion.&nbsp;</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfcU5GdFqs_KSpgEys0vSbUwy-kU279CWbZyz12aL-3oa9RpGqVXbd2YdSj7Wz_3Nw-1WkIXEbjn8qqhwEJhdz0p3sUlDfupje1tJyjXUGv6AyimFraoc5cuqP0_8SNw65QfJ3c2rNsQDlMTaNUOqYGJO4?key=ZzQqNRJsIJSsJDBuc7cmlw" alt="">
</figure>
<p>According to an on-chain data analysis by Coinglass, the supply of Bitcoin in centralized exchanges has continued to drop in the past five months despite the bearish outlook.&nbsp;</p>
<p>More institutional investors—led by Metaplanet Inc., MicroStrategy, and Marathon Digital, among others—have accelerated their accumulation pace in recent years.&nbsp;</p>
<h2 class="wp-block-heading" id="h-what-next">What Next?</h2>
<p>From a technical standpoint, Bitcoin price is at a crucial point that could yield a major bull run in the near term or further capitulation. The ongoing demand from altcoins, as shown by the recent approval of spot Ether and Solana ETFs in the Americas, could force a reversal in the Bitcoin dominance</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Despite everything, <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> is right around where it always is at this point in the market cycle <a href="https://t.co/zO52x9tAtX" rel="noopener noreferrer nofollow">pic.twitter.com/zO52x9tAtX</a></p>— Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1826340169588281772?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 21, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Crypto analyst Benjamin Cowen believes the flagship coin is on course for a parabolic ride in the coming months, compared to previous bull cycles.</p>

Bitcoin News Today: How the FED’s Potential Rate Cut Is Pushing BTC Higher

Table of Contents

CoinPedia News

Other articles published on Aug 22, 2024

BJ’s Wholesale Club Beats Q2 Expectations: $1.09 EPS, $5.21 B in Revenue

Solana Memecoin Trump’s Pussy to Surge 17,000% Before Exchange Listing, While Dogecoin and SHIB Lag

Suspected DMM Bitcoin Hackers Move 500 BTC To New Addresses

Big Bitcoin Bull Scaramucci Shares Predictions on When Bitcoin Price Will Rebound

Solana Memecoin Trump’s Pussy (TRUMPPUS) to Surge 17,000% Before Exchange Listing, While Dogecoin...

Robert Kiyosaki Stark Warning: U.S. Debt Crisis Highlights Need for Gold, Silver, and Bitcoin

Join our free newsletter for daily crypto updates!