Hassan Maishera
TL;DR
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Bitcoin is up by 2.5% in the last 24 hours and is now trading at around $63k per coin.
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The positive performance comes after the Bank of England signaled it would cut rates this summer if inflation stayed low.
BTC Trades at $63k as BoE Takes First Step in Rate Cut
Bitcoin, the world’s leading cryptocurrency by market cap, seeks to have a positive end to the week after underperforming for the most part of the week. The coin is up by more than 2% over the last 24 hours thanks to some positive news in England.
On Thursday, the Bank of England (BoE) announced it would keep interest rates steady at 5.25% for the sixth time in a row. The apex bank added that it would continue its "wait and see" approach until it feels that the conditions necessary to cut the base rate are met.
BoE Governor Andrew Bailey hinted at a possible rates cut this summer. He said,
“We've had encouraging news on inflation and we think it will fall close to our 2% target in the next couple of months. We need to see more evidence that inflation will stay low before we can cut interest rates. I'm optimistic that things are moving in the right direction."
Bitcoin reacted positively to this news, adding 2.5% to its value over the last 24 hours. This saw BTC touch $63,320 on Thursday. At press time, BTC has slightly retraced and is now trading at $62,882 per coin.
The total cryptocurrency market cap has increased by 2% over the last 24 hours and now stands at $2.33 trillion.
