Investing.com – Bitcoin’s price rose on Wednesday, fueled by rising expectations of U.S. interest rate cuts as tender economic readings trickle in, which also helped the token break through recent trading range.

This trend has also impacted broader cryptocurrency prices as capital flows into the space, which has surged over the past month. The launch of Bitcoin spot funds in Australia has also indicated greater capital inflows in the near future.

This week’s decline also helped cryptocurrency markets.

rose 2.7% in the last 24 hours to $70,917.7 by 01:43 ET (05:43 GMT).

Bitcoin Breaks Out of Trading Range, Near Record Highs

The world’s largest cryptocurrency has broken out of the $60,000 to $70,000 trading range seen since mid-March and is now trading around $3,000 from a modern all-time high.

A combination of profit-taking, concerns about high interest rates and cooling optimism about Bitcoin ETFs kept Bitcoin in a trading range after the token hit record highs in early March.

However, interest in cryptocurrencies appears to be growing, especially with the prospect of lower interest rates this year.

High-risk assets such as cryptocurrencies tend to benefit from lower interest rates, given that increased liquidity results in more speculative trading.

Cryptocurrency Price Today: Altcoins Rise with Rate Tips

Altcoin prices also rose on Wednesday as tender U.S. economic data reinforced expectations of possible interest rate cuts by the Federal Reserve.

World no. 2 token increased by 0.7%, while , increased from 0.9% to 5%.

Among meme tokens, it increased by 8% and increased by 3.1%.

Expectations for a rate cut in September increased after worse-than-expected data on Tuesday.

The reading was preceded by tender data and a downward revision in the US for the first quarter.

However, while the readings increased expectations for a September rate cut, this week we remained focused on upcoming data that was expected to provide more definitive guidance on the labor market and interest rates.