Bitcoin has been relatively steady in September, posting one of its strongest performances since 2012 and 2016. Trading at around the $27,300 zone on October 3, Bitcoin is up roughly 10% from September lows, and traders are confident that the next leg of higher highs has just begun. Despite attractive interest rates in the United States, Europe, and the U.K., capital is being re-directed to the bond and treasuries market due to the generally high but safe interest rates. The U.S. Federal Reserve has maintained interest rates between 5% and 5.25%, and inflation rose to 3.7% in August. The Federal Reserve plans to maintain inflation at around the 2% benchmark, and with rising inflation, the odds of Jerome Powell increasing rates in the next meeting remain high. In 2022, when the Federal Reserve raised rates, Bitcoin prices tumbled from 2021 highs, sinking below $16,000 in November 2022. Last August, Fitch Ratings lowered the credit rating of the U.S. government from AAA to AA+. The ratings agency predicted that the situation would worsen over the next three years and expressed concern about the deteriorating governance related to fiscal and debt matters over the past few decades.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Fitch Ratings, Kaiko, Jerome Powell |
| Companies | U.S. Treasury, Federal Reserve, Kaiko, FTX, Fitch Ratings |
| Currencies | Unidef, Ethereum, Bitcoin, British Pound, Euro |
| Securities | None |
