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crypto market todayCoinGape
•71% Informative
The crypto market has shown signs of recovery with Bitcoin soaring above $ 62,500 .
The upcoming Spot Ethereum ETF S-1 approval has also spread optimism in the community.
Major whale buying has also catalyzed the latest rebound, mainly for BTC, XRP , and ETH .
The market rebound saw substantial short liquidations, totaling $100.79 million .
Bloomberg analyst Mike McGlone has forecasted that the Fed will lower interest rates following a downturn in US stock markets.
CME FedWatch tool indicates a 90.3% probability of a rate cut in September .
Reduced interest rates often lead to a weaker US dollar and increased investor interest in alternative assets like crypto.
This also sets the stage for a bullish momentum in the broader crypto market.
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