After the 50 basis point rate cut announced by Fed Chair Jerome Powell, Bitcoin’s momentum turned upward, with the price rising by 3.9%, reaching $62,116.
Bitcoin hit a three-week high, benefiting from a rally in U.S. stock futures, coupled with the market reaction to the Fed’s significant rate cut. The cryptocurrency surged by as much as 3.9%, hitting $62,116.
In his speech following the decision, Powell explained, “We’ve received a lot of data since the last meeting, and we concluded that a 50 basis point cut was the right move. We’ve been patient in waiting for the right moment, and now we are reaping the rewards.” He emphasized that there would be no rush to implement further cuts.
As investors adjusted to the anticipated Fed easing cycle, S&P 500 futures and global equities also climbed higher.
Caroline Mauron, co-founder of Orbit Markets, remarked on the situation, saying, “An aggressive start to the easing cycle is fantastic news for risk assets, including Bitcoin.
