4 Cryptocurrencies to Watch When the Fed Cuts Rates
- PHPzOriginal
- 2024-08-26 09:33:11395browse
Lower interest rates and a rising dollar supply could drive up crypto prices for blockchains with supply-capped token economies.
When the Federal Reserve pivots again soon to an interest rate cutting regime — what watchers call a “dovish” Fed, as opposed to a rate-hiking “hawkish” Fed — the economics of the more plentiful dollar supply against the more dear supply of Bitcoin tends to become a strong support for Bitcoin price in the long term, with big short-term gains when markets rally.
Like the benchmark interest rates and industrial energy prices per kilowatt hour, Bitcoin price is always on the radar for crypto traders. The seminal and class-leading cryptocurrency was such a big hit in the first place in large part because of its supply-capped currency incentives.
Bitcoin price is up about 10% for the week on Sunday, and up 1.5% for the 1-month timeframe. It’s up about 50% for the trailing 12-month period.
The cryptocurrency price also rose about 10% from Aug. 21 to Aug. 24. But it fell about 2% in the past seven days.
Bitcoin price also rose about 1.5% in the past 30 days. But it fell about 10% in the past 90 days.
The world's No. 1 digital asset by market cap also notched up a gain of about 16% in the past six months. But it lost about 30% in the past two quarters.
Meanwhile, the dollar is also down about 6% for the year so far. But it recently perked up again as the Bureau of Labor Statistics revised Q1 job growth down by a million jobs.
The dollar is also down about 10% from its recent peak in September 2022. But it gained about 2% in the past 30 days.
The dollar also rose about 1% in the past seven days. But it fell about 3% in the past 14 days.
At the same time, Bitcoin price is up about 30% from its recent bottom in December 2022. But it fell about 10% in the past two months.
Bitcoin price also rose about 2% in the past three days. But it fell about 5% in the past five days.
Moreover, Bitcoin price is down about 70% from its all-time high in November 2021. But it gained about 20% in the past six months.
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