Bitcoin, the world’s leading cryptocurrency, broke past the $108,000 mark for the first time on Tuesday, inching closer to the $110,000 milestone. According to data from the U.S. cryptocurrency exchange Coinbase, Bitcoin was priced at $106,734 per coin as of 11:33 AM Eastern Time, reflecting a slight 0.22% drop from the previous day.
Although Bitcoin faced a small dip, it briefly surged to $108,300 earlier in the day. This marked the third consecutive day of record-breaking prices, following a rise to the $106,500 range on Sunday and reaching $107,800 on Monday.
The timing of Bitcoin’s price movement was especially significant as it coincided with the Federal Reserve’s final Federal Open Market Committee (FOMC) meeting of the year. The Fed kicked off its two-day meeting to decide on monetary policy for the year ahead.
With markets anticipating a potential interest rate cut, investors closely watch the Fed’s policy direction for the coming months.
However, Bitcoin’s rally faced a setback when the tech-heavy Nasdaq Composite index dropped around 0.7% on Wall Street, signaling broader market weakness.
Meanwhile, Ethereum, the second-largest cryptocurrency by market capitalization, saw a slight decline of 0.13%, trading at $3,947. In contrast, Ripple saw a strong surge of 3.69%, reaching $2.61.
Solana also posted gains, rising 3.14% to $225, while Dogecoin dipped by 0.52%, falling to $0.40.