Bitcoin Gains More than 3 Percent Before Federal Reserve Meeting, Price More than USD 60,000

Bitcoin, the cryptocurrency with the highest market capitalization, had a profit of more than three percent on Wednesday. There is excitement in the crypto market ahead of the Federal Reserve’s FOMC meeting in the US. The interest rate can be reduced by 0.50 percent in this meeting. The price of bitcoin on international exchanges was around $ 60,510.

The prices of Ether, BNB and Tether have also increased by 1.5 percent. Solana and XRP were among the cryptocurrencies that declined. Market analysts say that a reduction in interest rates in the US may increase liquidity in the market. The Federal Reserve has not reduced interest rates for the last four years. Donald Trump, the main contender in the US presidential election, has also launched a crypto business. This has also increased interest in the crypto market.

Usually, it is unusual for a presidential candidate to launch a new business close to the election, but Trump is eyeing to win over crypto supporters ahead of the November 5 election. However, Trump had previously called cryptocurrencies a scam. After this, after re-election for the post of President, he started supporting digital assets. He has also promised to make America the crypto capital of the world. Trump has also hinted at not making strict regulations for this segment and creating a reserve of bitcoin. In the last few weeks, his family has also promoted this crypto project.

Despite high taxes in India, investors are increasingly interested in cryptocurrencies. This is the second consecutive year in which India has a high ranking in the world for investment in cryptocurrencies. However, in the last few months, regulators have also taken strict measures against some firms in this segment. Blockchain analytics firm Chainalysis has reported in a report that the use of centralized exchanges and decentralized finance assets has increased in the country between June last year and July this year. The central government has taken a tough stand against the crypto segment in the country since 2018. At the end of last year, the Financial Intelligence Unit (FIU) issued show cause notices to nine offshore crypto exchanges for not complying with the rules.