Bitcoin rises above $59k amid growing bets on imminent US rate cuts

Meanwhile, the closely-watched U.S. inflation report is due on Thursday, where expectations are for core consumer prices to have held steady on a monthly basis in June.

At 12:56 am, Bitcoin (BTC) was trading 3.1% higher at $59,082, while Ethereum surged 1% to $3,100. Meanwhile, the global cryptocurrency market cap also gained by 2.2% to around $2.16 trillion in the last 24 hours.

"The crypto market showed initial signs of recovery as the market begins to digest the impact of the German government's large BTC release. With Mt. Gox fears still looming over the market, we can expect the markets to remain choppy in the coming weeks. If Bitcoin breaches the $60,000 mark and stays above it for at least 2 weeks, then we can expect the momentum to sustain," said Shivam Thakral, CEO of BuyUcoin.

The CoinDCX Research Team, said, "BTC is currently moving slowly, and tomorrow's U.S. CPI data could provide clear direction and increased volatility. Key Support levels for BTC is at $53,500 and $50,700 while Resistance is at $60,000 and $63,000."

Other popular cryptocurrencies, including , Solana, , Toncoin, Dogecoin, Cardano, Tron, Shiba Inu, Avalanche, Polkadot, and Polygon, surged by up to 4%.

The volume of all stablecoins is now $61.06 billion, which is 92.44% of the total crypto market 24-hour volume, according to CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.165 trillion. Bitcoin's dominance is currently 53.91%, according to CoinMarketCap. BTC volume in the last 24 hours fell 21.6% to $28.1 billion.

(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)

Source: Forex-Markets-Economic Times