The Federal Reserve's potential interest rate cuts led to a rally in the cryptocurrency market.

Bitcoin and other cryptocurrencies, as well as crypto-related stocks, saw significant gains.

The global crypto market cap reached $1.60 trillion, with a 24-hour gain of 4.45 percent.

Crypto fund inflows hit a two-year high of $346 million.

U.S. money market fund deposits have doubled since the outbreak of Covid-19, indicating positive growth for the crypto asset market.

Analysts predict that Bitcoin could reach $125,000 by the end of 2024 and that the year will be pivotal for the crypto market.

The crypto economy is expected to continue to grow even without the approval of a spot bitcoin ETF.