As a seasoned researcher with a keen eye for market trends and a knack for understanding the intricacies of digital assets, I find Matthew Sigel’s predictions intriguing. His bullish stance on Bitcoin, particularly in light of the recent Fed’s rate cut, resonates with my own observations.
According to Matthew Sigel, who heads the digital assets division at the massive financial corporation BlackRock, it’s expected that Bitcoin, the primary cryptocurrency, could exhibit robust growth during the final three months of the current year.
Signal’s optimism towards the leading cryptocurrency has grown after the latest decision made by the Federal Reserve.
According to U.Today, the Federal Reserve decided on a larger-than-anticipated interest rate reduction of 0.5% on Wednesday. This move caught the market off guard as most traders and analysts predicted a more modest 0.25% decrease in rates by the central bank.
After the interest rate reduction was announced, the cost of Bitcoin spiked significantly, reaching a peak of $63,882 during the day on the Bitstamp trading platform.
In contrast to its usual dip in September, Bitcoin has seen a surge of up to 8% this month, bucking the trend. Interestingly, Bitcoin often thrives during November, boasting an average increase of approximately 37.9%.
As a researcher studying financial markets, I posit that the Federal Reserve’s substantial interest rate reduction is expected to improve liquidity conditions. This favorable environment could potentially boost the performance of riskier assets, such as Bitcoin.
Signal notes that there’s generally been a strong, positive association between the value of the leading cryptocurrency and the expansion of money supply over time.
Lately, BlackRock released a fresh report which argues that the top cryptocurrency could function as a tool for portfolio diversification, offering protection against diverse financial risks.
In early 2024, the giant financial institution created a big splash by introducing a groundbreaking Bitcoin Exchange Traded Fund (ETF), setting new records.
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2024-09-19 22:11