Egyptian fertilizer and chemical companies temporarily suspend operations due to natural gas pressure fluctuations

(MENAFN) Today, Wednesday, the cryptocurrency market witnessed a significant price increase, with Bitcoin leading the way and once again breaking the $70,000 mark. This was the fifth consecutive price increase for Bitcoin, reflecting investor optimism about possible interest rate cuts by the US Federal Reserve later this year. The positive sentiment resulting from expectations of monetary easing has boosted confidence in global markets.

Bitcoin’s value hit $70,530 at 8:20 a.m. Singapore time, marking its highest daily increase in three months. Although this is about 5 percent below its previous all-time high, the increase comes on the back of growing expectations of an impending interest rate cut by the US Federal Reserve, as well as a general improvement in financial conditions.

The correlation between Bitcoin and the Nasdaq 100 index of American technology stocks has risen to almost its highest level since 2023. This trend underscores increasing investor confidence in the broader financial markets.

Apart from Bitcoin, other cryptocurrencies also recorded gains. Ethereum recorded a 0.61 percent increase to reach $3,787, while Binance Coin rose 11.56 percent to $704.61. Cardano recorded a modest 0.87 percent increase, followed by Ripple XRP with a 1.01 percent increase and Dogecoin, which gained 2.93 percent. These positive developments in various cryptocurrencies reflect the buoyant sentiment prevailing in the cryptocurrency market amid expectations of monetary policy adjustments and improving financial conditions.

MENAFN06062024000045015682ID1108304985