Bitcoin raakt bijna 4 weken hoog met Powell in focus

Bitcoin rose to a nearly four-week high as markets bet on the Federal Reserve kick-starting consecutive interest-rate cuts ahead of Wednesday's policy decision.

The Fed is widely expected to cut rates by 25 basis points in a decision later today followed by further cuts. The prospect of policy easing supports risky assets, including cryptocurrencies.

The market is focused on how much weight Fed Chair Jerome Powell puts on the recent slowdown in the labor market versus inflation risks and uncertainty surrounding economic projections, Jefferies economist Mohit Kumar said in a note. There could also be some policymakers calling for larger rate cuts, he added.