Bitcoin Today 09/19/2024: BTC surpasses US$ 62 thousand after Fed decision, but there is still uncertainty

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Bitcoin Today 09/19/2024: BTC surpasses US$ 62 thousand after Fed decision, but there is still uncertainty
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The cryptocurrency market is rising this Thursday morning (19) after the US Federal Reserve (Fed) cut interest rates by 50 basis points. The price of Bitcoin (BTC), in particular, has once again surpassed the $62,000 mark for the first time since the end of August.

At the time of writing, BTC is trading at exactly $62,515, with a daily appreciation of 4.3%, according to data from CoinGecko. In real terms, each Bitcoin is costing R$341,464.

Among major cryptocurrencies other than Bitcoin, Solana (SOL) led the gains with a surge of over 7% to $138.96. Next comes Ethereum (ETH) with a daily jump of 5.2% to $2,428. The other altcoins in the Top 10 are also seeing gains: Binance Coin (BNB) is up 2.9% in the last 24 hours, XRP is up 2.2%, Dogecoin is up 3.9% and Toncoin is up 4.0%.

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The biggest “gainers” of the day, considering the Top 100 are: the memecoin Popcat (+30.8%), Sei (+24.1%) and Bittensor (+19%). In addition, Bitcoin Cash, NEAR, SUI, Celestia, STX, FET, FTM and some other altcoins registered double-digit gains on Thursday.

Analysts urge caution with Bitcoin and cryptocurrencies

As a result, the global market value of cryptocurrencies is now at $2.25 trillion, with a daily increase of 3.3%. Bitcoin’s dominance over other cryptocurrencies is at 54.8%, and Ethereum’s is at 13%.

However, despite this gain, analysts remain cautious about the durability of this recovery. Chris Aruliah, head of institutions at ByBit, noted that while the 0.5% cut may provide a temporary boost to the cryptocurrency market, the global economic slowdown and geopolitical uncertainty continue to weigh on investor sentiment. In his analysis, he stressed the importance of staying alert to market fluctuations and global economic challenges.

Maelstrom co-founder Arthur Hayes also shared his views on the impact of rate cuts. He argued that while they could spark a short-term recovery, they reveal deeper issues in the global financial system. Hayes believes that rate cuts could exacerbate inflation, which in turn would put pressure on the markets for risk assets like cryptocurrencies.

“If they keep cutting rates, inflation will accelerate in the fourth quarter,” Hayes said, noting that the U.S. economy is still showing solid growth but rate cuts could create additional problems.

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