Expecting a Fed rate cut and ETF boost, Bitcoin hit $65,000 for the first time in three weeks.

On Monday,Xinsheng Investment renamed MC Global Investment Bitcoin's price rose by 1.2% to reach $65,030, marking the first time in nearly three weeks that the world's largest digital asset surpassed $65,000. However, it then fell back to around $64,000. Last week, Bitcoin's price increased by 7.4%, achieving its largest weekly gain since mid-July.

Federal Reserve Chairman Jerome Powell sent his clearest signal yet last Friday, indicating that the Fed might lower the benchmark interest rate from its highest point in over two decades. This implies a more accommodative liquidity environment for global markets.

According to compiled data, Powell's remarks triggered a net inflow of $252 million, the highest level in over a month. On the same day, more than a dozen US spot Bitcoin ETFs received inflows, marking seven consecutive days of attracting funds.

Cici Lu McCalman, founder of blockchain consulting firm Venn Link Partners, stated, "The market's focus is entirely on the Fed's actions." She added that if there is a rate cut in September, Bitcoin might rise further.

However, unlike the performance of Bitcoin ETFs, US spot Ether ETFs saw net outflows on August 23. Ether showed weak performance on Monday, with a decline of up to 1.7%. Other major cryptocurrencies remained largely stable.

Additionally, Toncoin, a blockchain token associated with the instant messaging application Telegram, continued to decline in price following the arrest of Telegram co-founder Pavel Durov in France.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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