Anticipation of the spot bitcoin ETF approval, then the approval, and then the massive inflows into the new funds were surely major catalysts for the rise. Also in play were macro factors – namely the anticipation of a sizable series of interest rate cuts in 2024 from the U.S. Federal Reserve. Inflation, however, has failed to cooperate, and to date there has been no easing of monetary policy in the U.S., with more than one member of the central bank now not expecting to cut rates even once this year.
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