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 before the FOMC meeting of the Federal Reserve in America. In this meeting the interest rate can be reduced by 0.50 percent. 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. Declining cryptocurrencies included Solana and XRP. Market analysts say that the reduction in interest rates in America may increase liquidity in the market. The Federal Reserve has not reduced the interest rate for the last four years. Donald Trump, the main contender in the presidential election in America, has also launched a crypto business. This has also increased interest in the crypto market.

Typically, it’s unusual for a presidential candidate to launch a new business so close to an election, but Trump is eyeing a chance to rally crypto supporters ahead of the Nov. 5 election. However, Trump had previously called cryptocurrencies a scam. After this, after contesting the elections again 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 indicated not to make strict regulations for this segment and to create a reserve of Bitcoin. In the last few weeks, his family has also promoted this crypto project.

Despite high taxes in India, investors’ interest in cryptocurrencies is increasing. 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 action against some firms in this segment. Blockchain analytics firm Chainalysis has said in a report that between June last year and July this year, the use of centralized exchanges and decentralized finance assets has increased in the country. The central government has taken a tough stance against the crypto segment in the country since 2018. Late last year, nine offshore crypto exchanges were issued show cause notices by the Financial Intelligence Unit (FIU) for non-compliance with regulations.