The price of Bitcoin, the leading cryptocurrency, spiked to an intraday high of $97,771 earlier today on the Bitstamp exchange.
On Wednesday, the U.S. Federal Reserve is set to unveil its interest rate decision. The central bank is widely anticipated to keep interest rates unchanged.
In fact, Polymarket bettors see only a 2% chance of a 25-basis-point rate cut.
This is because Federal Reserve Chair Jerome Powell is facing growing pressure to cut interest rates. However, the central bank is resisting such persistent calls due to the fact that inflation remains above the oft-repeated 2% target.
According to the CNBC Fed Survey conducted in May, most respondents believe that the Fed will eventually cut interest rates due to economic issues.
