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Bitcoin‘s price surge mirrors the rise in equity markets, driven by the anticipation of a European Central Bank (ECB) rate cut this week. In early trading on Monday, Bitcoin surpassed the $69,000 mark.
As broader markets anticipate a potential ECB rate cut, Bitcoin has demonstrated a correlation with the positive sentiment in equity markets. Over the past 24 hours, the world’s largest digital asset has surged over 2%, reaching a value of $69,035 as of 7:15 a.m. ET, according to The Block’s Price Pages.
Major European and UK equity indices also showed gains on Monday. The FTSE 100 in London experienced a slight increase of 13.48 points to reach 8,288.86 during early trading. Similarly, the regional Stoxx 600 index in Europe rose by 0.44% to 520.44. Meanwhile, S&P 500 futures in New York were up by 0.15%, and the NYSE Composite saw a 1.3% increase in pre-market trading.
This surge coincides with expectations of relief for borrowers in the eurozone due to anticipated rate cuts by the ECB. With recent declines in inflation, the ECB is predicted to lower its benchmark rates during Thursday’s monetary policy meeting.
Money markets indicate a high probability, around 93%, of an ECB rate cut this week. It is anticipated that the ECB will reduce the rate on its deposit facility, which banks utilize for overnight deposits with the Eurosystem, to 3.75%, down from the current record high of 4%.
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