Bitcoin (BTC) surged past the $64,000 mark during late U.S. trading hours on Tuesday, fueled by speculation among traders that there could be a second consecutive 50 basis point rate cut by the Federal Reserve. The likelihood of a rate cut stands at 61%, driving up demand for the digital currency.
Additionally, the fundamentals of Floki, a new cryptocurrency, have also contributed to the surge in Bitcoin’s price. Floki’s strong performance and growing popularity have attracted investors, further boosting the overall cryptocurrency market.
