2024

bullish

Bitcoin

BlackRock

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Matthew Sigel, head of digital assets at financial behemoth at financial behemoth BlackRock, has&nbsp;<a href="https://x.com/matthew_sigel/status/1836811619726176285" rel="noopener noreferrer nofollow">predicted</a> that Bitcoin, the leading cryptocurrency, is likely to show strong performance in the fourth quarter of the year.&nbsp;
Sigel is more bullish on the largest cryptocurrency following the most recent move by the Federal Reserve.
As <a href="https://u.today/bitcoin-surges-as-fed-goes-for-massive-rate-cut" rel="noopener noreferrer nofollow">reported by U.Today</a>, the Fed opted for a larger-than-expected rate cut of 50 basis points on Wednesday. The move surprised the market since both PolyMarket bettors and professional analysts expected the central bank to settle for a smaller 25-basis point rate cut.&nbsp;
The price of Bitcoin soared sharply higher following the rate cut announcement. Earlier today, the bellwether coin surged to an intraday high of $63,882 on the Bitstamp exchange.&nbsp;
Bitcoin is now up as much as 8% this September despite the fact that the largest cryptocurrency tends to underperform during this month. However, November tends to be the best-performing month for Bitcoin with an average gain of 37.9%.&nbsp;
The Fed's jumbo rate cut will create easier liquidity conditions. This will likely bode well for the riskier assets of Bitcoin.&nbsp;
Sigel has pointed to the fact that the crypto king has historically had a tight positive correlation with money growth.&nbsp;
Recently, BlackRock published&nbsp;<a href="https://www.blackrock.com/us/financial-professionals/literature/whitepaper/bitcoin-a-unique-diversifier.pdf" rel="noopener noreferrer nofollow">a new white paper</a> that positions the leading cryptocurrency as a portfolio diversifier that can serve as a hedge against various macro risk factors.&nbsp;
The financial behemoth made waves in early 2024 with the launch of its record-shattering Bitcoin ETF.&nbsp;

BlackRock Exec Makes Bullish Bitcoin Prediction

U_Today

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