Solana Leads Layer-1 Token Gains as Bitcoin Crosses $38K
Bitcoin exceeded $38,000 on Wednesday, driven by hopes of a spot exchange-traded fund (ETF) approval and potential rate cuts forecasted by market watchers. Layer-1 blockchain tokens such as Solana's SOL recorded notable gains, while the CoinDesk Market Index tracking the crypto market rose over 2.5%. The positive trend in Bitcoin continued as Federal Reserve Governor Chris Waller suggested that the economy is slowing down and current inflation shows policies are in the right place. If inflation continues to drop, there's a compelling argument for rate cuts in a few months. Additionally, Standard Chartered reiterated its prediction from April that Bitcoin would reach $100,000 by the end of 2024 due to likely early approvals of multiple spot Bitcoin ETFs.
