Bitcoin just shot over $120k after the Fed cut rates in September. Now traders are thinking more cuts could happen in October and December. This whole situation is keeping liquidity vibes strong. And hey, Ethereum is also making moves, closing the gap with Bitcoin thanks to a solid Q3.
Bitcoin Hits $120k, Ethereum Rises Too
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With the US government shutdown, the chances for an October rate cut are now at 100% according to CME's tracker. December's looking like an 88% probability. If this lockdown keeps dragging on, the Feds will have to rely on previous job reports since the September ones might not even drop. Plus, Trump mentioned a possible layoff of 750k workers, which could hurt the job market. Still, the crypto space seems to be getting friendlier with new laws aimed at attracting businesses. The market has been bullish lately.
Honestly, I doubt this surge is gonna last based solely on political moves. We need some real Bitcoin hype to keep the momentum. The fact we hit 120k+ shows there's still a bullish sentiment around, but if even small changes can push prices that high, we gotta think about the potential for even bigger gains. Too many folks are saying it can't happen, but we really should keep that possibility in mind.