The price of Bitcoin (BTC) is fluctuating around $42,000 on Dec. 5, continuing to show strength after Jerome Powell’s statement on interest rates last week.

Bitcoin, gold price booms on rate cut hopes

BTC’s price kickstarted the new week by climbing above $41,400 for the first time in 17 months. In doing so, the cryptocurrency followed gains in the gold market, its traditional safe-haven rival whose price rose to a new record-high on Dec. 1.

BTC/USD vs. gold daily price performance. Source: TradingView 

Rate-cut expectations may have served as the common denominator for Bitcoin and gold’s price rallies this week. Notably, investors have become more confident about a Federal Reserve pivot on…

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