Investing.com– Bitcoin rose Wednesday as continued excitement over global monetary easing spurred more inflows into risk assets, with the world’s largest cryptocurrency now approaching a breakthrough.

Sentiment was also broadly boosted by a series of stimulus measures from China, while markets braced for interest rate cuts by the Swiss and Swedish central banks this week, following the Federal Reserve’s first rate cut in 2020.

rose 1.9% to $64,253.3 at 00:47 ET (04:47 GMT).

Bitcoin is heading towards breaking above $65k

The world’s largest cryptocurrency has seen a sturdy rebound over the past two weeks, with risk appetite boosted primarily by the Fed’s significant interest rate cut.

The Fed also announced the start of an easing cycle that Citi analysts say will see rates fall by at least 125 basis points by the end of 2024. Goldman Sachs expects the Fed to cut rates by 25 basis points at each meeting between November and June 2025.

Coindesk said Bitcoin needs to sustainably break above its August high of $65,000 to see further gains, although the currency has struggled to maintain levels above $65,000 since hitting an all-time high in March.

Still, lower interest rates are expected to spur greater flows into speculative risk assets such as cryptocurrencies in the coming months.

However, Bitcoin largely lagged behind gains in stock markets, with Wall Street hitting record highs following the Fed decision.

Sentiment towards cryptocurrencies remained relatively muted, especially as retail interest has waned this year. Uncertain regulatory prospects, amid a tight US presidential race, have also curbed flows into cryptocurrencies.

Cryptocurrency price today: altcoins rising, more rate tips

Cryptocurrency prices rose, following Bitcoin, though overall gains were narrow.

The world’s No. 2 cryptocurrency rose 0.2% to $2,626.93.

and led the gains among altcoins, rising 3.7% and 7% respectively. It rose 1%, while its value increased slightly.

Among meme tokens, the boost was 2.3%.

In the coming days, attention will turn to further guidance on global interest rates.

Sweden is expected to cut interest rates on Wednesday, while the domestic rate is likely to be lowered on Thursday.

In the US, talks are scheduled for Thursday, while data – the Fed’s preferred inflation gauge – will be released on Friday.