Bitcoin Surges Past $71,000 Amid Fed Rate Cut Hopes

Bitcoin (BTC) has surged to $71,000, just a week before the Fed meeting on June 12th. This surge reflects investors' confidence in Fed rate cuts, which are expected to come as early as November. The decline in rates is seen as positive for cryptocurrencies, resulting in a strong inflow into spot Bitcoin ETFs. Altcoins have also witnessed a rally, with BNB notably rising over 10%. The correlation between Bitcoin and the Nasdaq 100 Index is at its highest since early 2023, suggesting that any gains in the Index may lead to a corresponding rise in Bitcoin.