Traders are eagerly awaiting the Federal Reserve's upcoming interest rate decision. Bitcoin (BTC) surged above 94K last night, while Ethereum (ETH) climbed back to 3,300 USD, driving the overall cryptocurrency market capitalization higher. Over the past 24 hours, short positions worth over 300 million USD have been liquidated.
The market is eagerly anticipating the Federal Reserve's interest rate decision.
Traders are eagerly awaiting the Federal Reserve's upcoming interest rate decision. The last interest rate decision of the year is set to be announced at 3 AM Taiwan time on 12/11, followed by a press conference with Chairman Powell. The market expects the Federal Reserve to cut rates by another 25 basis points. According to the CME FedWatch Tool, the probability of a rate cut is around 87%, up from 67% a month ago. The dot plot and economic forecasts to be released, along with Chairman Powell's remarks, will significantly influence market trends.
Due to market expectations of an interest rate cut, the Russell 2000 small-cap index rose, reaching a historic high during the trading session. A rate cut may be more beneficial for small businesses, as their borrowing costs are more closely tied to market interest rates compared to larger firms, and lower rates may help economic growth benefit more industries.
Bitcoin surged to 94K, with a spike in short liquidations.
Bitcoin soared above 94K last night, while Ethereum returned to 3,300 USD, boosting the overall crypto market capitalization, with over 300 million USD in short liquidations in the past 24 hours.
The Office of the Comptroller of the Currency (OCC) released Interpretation No. 1188, confirming that eligible national banks can engage in 'risk-free principal' transactions in crypto asset trading. 'Such transactions refer to banks executing hedging cryptocurrency trades in the name of two customers, without holding any crypto assets themselves, acting only as an intermediary.'
Meanwhile, the Abu Dhabi Global Market (ADGM) approved Tether's USDT as an 'Accepted Fiat-Referenced Token (AFRT)', allowing local institutions to legally operate USDT custodial, trading, and settlement services. Circle and Binance also received regulatory licenses in Abu Dhabi.
(Tether USDT receives regulatory approval in Abu Dhabi, UAE builds global compliance hub)
This article states that Bitcoin surged to 94K ahead of the Federal Reserve's interest rate decision, with a spike in short liquidations, first appearing in Chain News ABMedia.
