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Fed Cuts US Rates, Bitcoin Surpasses $60,000
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The US Federal Open Market Committee (FOMC) has begun a cycle of monetary easing in the country, cutting benchmark interest rates by 0.50 percentage points on Wednesday afternoon (18). As a result, the price of Bitcoin has once again surpassed US$ 60,000.
The rate had been in a range of 5.25% to 5.50% since July 2023. Now, the US has cut it to 4.75% to 5% per year. It is the first cut in more than four years.
“Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has made further progress toward the 2 percent target but remains elevated,” the Federal Reserve said in the statement.
The cut in question was anticipated by Federal Reserve (Fed) Chairman Jerome Powell. Therefore, it was something the market was already expecting. Still, the price of Bitcoin and other cryptocurrencies reacted well to the announcement.
Fed cuts interest rates and Bitcoin rises
Bitcoin, for example, jumped from $59,200 to over $60,380 after the adjustment was announced. Still, the largest cryptocurrency on the market has accumulated a drop of 1.5% in the last 24 hours, according to data from CoinGecko.
Regarding the possibility of further rate cuts, the central bank said:
“In considering further adjustments to the target range for the federal funds rate, the Committee will carefully evaluate incoming data, the evolving outlook, and the balance of risks. The Committee will continue to reduce its holdings of Treasury securities and agency debt and agency mortgage-backed securities.”
Fed Cuts US Rates, Bitcoin Surpasses $60,000
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Fed Cuts US Rates, Bitcoin Surpasses $60,000
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Fed Cuts US Rates, Bitcoin Surpasses $60,000
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Fed Cuts US Rates, Bitcoin Surpasses $60,000
