Bitcoin hits its largest intraday gain in over a month, boosted by prospects of a Fed rate cut

Bitcoin hit its largest intraday gain in over a month on Tuesday, as prospects of a Fed rate cut are expected to boost demand for speculative assets. The world's largest cryptocurrency rose by as much as 6.4% to $61,337, marking its biggest intraday gain since August 8. Smaller cryptocurrencies such as Ethereum, Dogecoin, and Solana also rose. Pricing in the swaps market indicates a 55% probability that the Fed will cut rates by at least 25 basis points on Wednesday, with a 50 basis points cut. "I think the increasing correlation between cryptocurrencies and traditional markets is driving Bitcoin higher," said Shiliang Tang, President of Arbelos Markets