Bitcoin (BTC) surpassed the $38,000 level as hopes for spot exchange-traded fund (ETF) approval were revived and traditional market watchers expected a rate cut.

Solana's SOL token has also reversed last week's losses, rising by about 8% in the last 24 hours, leading the gains made by layer-1 blockchains. Avalanche's AVAX token is up 6.6%, while Cardano's ADA and Tron's TRX are up around 5%.
The CoinDesk Market Index (CMI), which covers the overall crypto market, rose over 2.5%.
The statements made by Chris Waller, one of the representatives of the US Federal Reserve, had a positive effect on the market. According to the latest data, the economy is "moving in the right direction", Waller said, adding that if inflation decreases, interest rate cuts may be made.
Interest rate decisions have a significant impact on the markets, and high rates often lead to damage to risk assets such as stocks and cryptocurrencies, so the expectation of a rate cut is especially important for the cryptocurrency market.
On the other hand, the global Standard Chartered (STAN) bank doubled its forecast for Bitcoin announced in April and reported that the cryptocurrency could hit $100,000 by the end of 2024. A significant bullish catalyst was analysts' statement that spot Bitcoin ETF approvals "may come sooner than expected." #ContentStar# #GatePost#