\n
\n<\/li>\n<\/ul>\n
Bitcoin<\/a> is shaking up the entire crypto market following the Federal Reserve’s decision to cut interest rates<\/strong>. Since this announcement, the price of BTC has shown a remarkable increase<\/strong><\/a>, reaching a new local high of $64,200,<\/strong> starting from the $53,000 recorded in early September.<\/p>\n Despite the rally, the asset remains below the critical level of $65,200<\/strong>, having failed to surpass previous highs since reaching its all-time record of $73,666 in March<\/strong>. This pattern has raised concerns about Bitcoin’s future direction, as its behavior suggests a downward trend since that time<\/strong>.<\/p>\n Despite the gains made by Bitcoin, open interest in the futures markets has grown faster than the price of the asset itself<\/strong>. This indicates that the increase may be primarily driven by activity in the futures and perpetual markets rather than strong demand in the spot market. In other words, although prices are rising, the market could be facing a correction or consolidation in the short term.<\/strong><\/p>\n Regarding the altcoin market, there has also been a considerable increase in the value of several cryptocurrencies, some of which have recorded gains of more than 100% from their lows<\/strong> in August. However, open interest in these altcoins has also reached high levels without a corresponding increase in prices in the broader market<\/strong>.<\/p>\n![\"BlackRock\u2019s](\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/05\/BitcoinETFs.jpg\")
<\/p>\nThe Role of ETFs in Bitcoin’s Surge<\/h2>\n