Bitcoin rose approximately 2.9% to reach $62,000 Thursday on news that the US Federal Reserve cut rates by 0.5% on Wednesday. Total crypto liquidations totaled almost $200m as traders sought to abandon short position due to the bullish market.
Analysts have predicted historical highs for Bitcoin on the back of rate cuts and greater regulatory clarity in the United States.
The cypto currency has been trading in a relatively stable range since reaching a historical high of $74,000 in March.
This rise brought Bitcoin to a three-week high. The global crypto market cap increased by 1.9% reaching $2.23.trillion, according to CoinGecko.
By Staff
