search
Homeweb3.0Bitcoin (BTC) Market Touches Monthly High After US Federal Reserve Announces Rate Cut

Immediately after the US Federal Reserve announced its decision to cut its key lending rate by half a percentage point, the Bitcoin market touched a monthly high.

Bitcoin (BTC) Market Touches Monthly High After US Federal Reserve Announces Rate Cut

The Bitcoin market experienced a surge on Wednesday following the US Federal Reserve's decision to lower its key lending rate by half a percentage point. BTC price touched a monthly high during the session.

After reaching a peak of $62,360.33, BTC price slipped and was last seen trading at around $61,783 with a gain of 2.8%.

The Federal Reserve was widely expected to consider a rate cut, with Chair Jerome Powell even openly hinting at the plan. However, there was uncertainty over one aspect – whether it would be a 25 basis points cut or a 50 basis points cut.

In the end, many were surprised when the Federal Reserve opted for an aggressive 50 basis points cut over a conservative 25 basis points cut. Some even warned of the possibility of fueling inflation.

As expected, traditional assets felt the heat of the move, with some major US stock indices closing far below their opening.

However, risky assets, like Bitcoin, responded very optimistically.

Bitcoin Price Analysis: A General Overview

In the last 24 hours, the Bitcoin market has experienced an increase of at least 2.8%. At the beginning of this month, the price was only $58,977.11. It slipped to the monthly low of $53,973 on September 6. However, since September 7, the price has been consistently growing.

Although it experienced a negative fluctuation between September 14 and 16, buyers took control of the market on September 17. Right now, what we see in a daily chart of Bitcoin is the last three strong bullish candlesticks pushing the price aggressively upward, far beyond the level of $60,000.

US Fed Fund Interest Rate: A Historic Analysis

The US Fed Funds Interest Rate was around 5.5% in August this year. It saw rapid growth between February 28, 2022, and July 26, 2023. At the beginning of that momentum, the rate was just 0.25%. When the momentum settled, it took the rate to a peak of 5.5%.

The rate remained unchanged until the Federal Reserve finally decided to bring down the rate by half a percentage on Wednesday. Now, the rate stands at 5%.

Interestingly, this is the first time since March 2020 that the Federal Reserve has implemented a rate cut. On Jun 19, 2019, the rate was at 2.5%. It was brought down to 1.75% in January 29, 2020, and later was sharply reduced to just 0.25% in March 15, 2020 – probably as a part of an effort to fight the pandemic.

Anyway, the new move by the Federal Reserve is an opportunity for risky assets to accelerate their performance. Certain assets like Bitcoin have already shown the first signs of growth, which could influence future Bitcoin price predictions.

Also Check Out: Buy, Hold, or Sell: Solana (SOL) and Cardano (ADA) Price Fail To Break Trend!

The above is the detailed content of Bitcoin (BTC) Market Touches Monthly High After US Federal Reserve Announces Rate Cut. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Senators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsSenators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsJul 27, 2024 pm 12:58 PM

Senator Cynthia Lummis took the stage to speak at the Bitcoin 2024 conference along with Senator Tim Scott, on Friday, discussing cryptocurrency and their vision for its role in the U.S. financial system.

Bitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansBitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansJul 27, 2024 am 12:07 AM

On-chain data shows the Binance exchange has received large net Bitcoin inflows during the past day, indicating that BTC's decline may extend further.

Hackers recover $3 million in bitcoin from software wallet locked for over a decadeHackers recover $3 million in bitcoin from software wallet locked for over a decadeJun 14, 2024 am 09:57 AM

JoeGrand-anethicalhackerandYouTuberwhoiswidelyknownforhisprojectsinvolvingcryptowallets,hassuccessfullyrecoveredalife-changingamountofbitcoin,presentlyvaluednorthof$3millionfromasoftwarewalletthathasbeenlockedformo

Bitcoin (BTC) – America’s Key To Economic Supremacy?Bitcoin (BTC) – America’s Key To Economic Supremacy?Jul 26, 2024 pm 09:15 PM

In the ongoing global economic and geopolitical rivalry, the United States may have a powerful new weapon – Bitcoin (BTC). That is the argument made by Sam Lyman

US Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketUS Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketJul 27, 2024 am 06:35 AM

Financial experts are warning of an impending peak in US stocks. This may also lead Bitcoin to rise. According to Arthur Budaghyan, an analyst at BCA Research, the US stock market

Bitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyBitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyJul 25, 2024 pm 02:53 PM

Powered by the Unbound Fund, this initiative uses Bitcoin as a key to open up Portuguese citizenship via the country's golden visa program.

Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Jul 27, 2024 am 07:11 AM

Cryptocurrencies, commodities, and stocks are among the most popular risk assets for investment and trade, also leading finance indicators.

Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Jul 26, 2024 am 11:26 AM

Crypto analyst Mikybull Crypto has revealed the return of a technical indicator that represents a buy signal for Bitcoin. Based on his predictions, the

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

Repo: How To Revive Teammates
1 months agoBy尊渡假赌尊渡假赌尊渡假赌
R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
2 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
Hello Kitty Island Adventure: How To Get Giant Seeds
1 months agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

EditPlus Chinese cracked version

EditPlus Chinese cracked version

Small size, syntax highlighting, does not support code prompt function

MantisBT

MantisBT

Mantis is an easy-to-deploy web-based defect tracking tool designed to aid in product defect tracking. It requires PHP, MySQL and a web server. Check out our demo and hosting services.

Safe Exam Browser

Safe Exam Browser

Safe Exam Browser is a secure browser environment for taking online exams securely. This software turns any computer into a secure workstation. It controls access to any utility and prevents students from using unauthorized resources.

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

PhpStorm Mac version

PhpStorm Mac version

The latest (2018.2.1) professional PHP integrated development tool