Gold Finance reported that Bitcoin surged to its highest intraday level in over a month on Tuesday, with the prospect of a Fed rate cut likely boosting demand for speculative assets. Bitcoin jumped as much as 6.4% to $61,337, its biggest intraday gain since August 8. Smaller cryptocurrencies like Ethereum, Dogecoin, and Solana also rose. Swap market pricing suggests a minimum 25-basis-point cut by the Fed on Wednesday, with a 50-basis-point cut probability around 55%. "I think the increasing correlation between cryptocurrencies and traditional markets recently" is driving Bitcoin higher, said Shiliang Tang, president of Arbelos Markets. Tang added that MicroStrategy Inc.'s announcement on Monday to issue convertible notes to buy more Bitcoin also boosted sentiment in the crypto market.