The world’s largest cryptocurrency, Bitcoin (BTC), made an attack in the last minutes and is pushing the $60,000 barrier, which it has not been through for a while.

According to Bybit data, with the recent rise in BTC prices, the peak level was seen at $ 59,974. However, the BTC price exceeded $ 60,000 on some cryptocurrency exchanges.

Chart with 15-minute candles showing the price of BTC on Bybit.

As volatility increased, liquidation amounts also increased. According to the data, $114 million worth of cryptocurrencies were liquidated in the last 24 hours, $89 million of which were in short positions.

The reason for the increase is the increasing rumors that the FED will cut interest rates by 50 basis points. According to CME Fedwatch data, the probability of the FED cutting interest rates by 50 basis points is currently shown as 46%. A short while ago, this value was shown as only 28%.

However, thanks to its rise, BTC also increased its intraday price increase to approximately 2.5%.

There are also analysts who think that if the FED cuts the rate by 50 basis points, it will not be beneficial for risk assets like BTC. According to these analysts, such an aggressive move by the FED could fuel recession concerns and negatively affect the BTC price.

*This is not investment advice.