The world's best-known cryptocurrency, bitcoin, has a lot going for it: prospects of lower interest rates, a more favourable regulatory environment, and bullish inflows from institutional investors.
Ether too has been on the charge, hovering near its highest since November 2021, becoming the token of choice for those looking for more active returns. In fact, ether is up 42% this year, outstripping the 32% gain for bitcoin.
Stocks in Asia were taking a bit of a breather after a blistering rally this week. Japanese shares fell after hitting a record high, while tech-heavy Taiwan and South Korean shares eased after recent highs.
Investors are wagering that the Federal Reserve will resume cutting interest rates from next month, with traders starting to even price in odds of a 50 basis points cut after comments from Treasury Secretary Scott Bessent.
"If we'd seen those numbers in May, in June, I suspect we could have had rate cuts in June and July. So that tells me that there's a very good chance of a 50 basis-point rate cut," in September, Bessent said in an interview on Bloomberg Television.
