Bitcoin Retakes $38,000 While Rate Cut Expectations Increase
- Largest cryptocurrency has gained about 130% this year
- Coinbase, MicroStrategy and Marathon shares continue to rally
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Bitcoin climbed back above $38,000 on Tuesday amid optimism the US central bank may be closer to lowering borrowing costs if inflation continues to decline.
The largest cryptocurrency by market value gained as much as 3.3% to $38,264 before trimming the increase. Bitcoin reached an 18-month high of $38,422 on Friday. Lower rates generally increase investors’ appetite for riskier assets such as digital tokens.