Cryptocurrencies
Bitcoin Jumps Most in More Than a Month Amid Fed Rate Cut Optimism
- Largest token gained most since August in US trading
- Some traders expect a larger half-point Fed rate cut
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Bitcoin pared a rally that was spurred by expectations of a reduction in borrowing costs by the Federal Reserve leading to greater demand for speculative assets.
The largest digital currency traded near $60,000 as of 8:50 a.m. in Singapore on Wednesday after climbing as much as 6.4% — the most intraday since since Aug. 8 — to top $61,000 in US hours on Tuesday.