Bitcoin Hits New ATH Amid Fed Interest Rate Cut, ETH Crosses $2.8K, SOL Flips BNB
- DDDOriginal
- 2024-11-08 06:26:23840browse
Bitcoin rose for the third day in a row to hit a new all-time high above $76,000. This comes after BTC broke to a new all-time high above $75k on
Bitcoin price hit a new all-time high above $76,000 on Nov. 7 as the Federal Reserve announced an interest rate cut of 25 basis points.
The top crypto hit highs of $76,677 on major exchanges following the news, continuing its rally from breaking to a new all-time high above $75k on Nov. 5 with news of Donald Trump winning the US presidential election.
The cryptocurrency also moved higher to break above $76k as Kamala Harris conceded defeat and as US president Joe Biden confirmed he’d hand over power to the incoming 47th president.
Bitcoin price hits new ATH as Fed cuts interest rate
Bitcoin price hit a new all-time high above $76.6k on Nov. 7 as the Federal Reserve announced an interest rate cut of 25 basis points.
The news comes following Trump’s win in the US presidential election, adding to the positive buzz across risk asset markets.
The Fed's rate cut is the second one after cutting 50 bps in September. The move follows slowing inflation data and a cooler jobs market.
The market is set to rally higher following the Fed's rate cut and Chair Jerome Powell’s remarks. Could “cheap capital” be set to enter the market? Investor and entrepreneur Anthony Pompliano thinks so.
BREAKING: The Federal Reserve has cut interest rates by 25 basis points.
Cheap capital is coming to the market.
— Anthony Pompliano ? (@APompliano) November 7, 2024
Bitcoin price led cryptocurrencies in a brief pump on Thursday, with Ethereum, Solana and BNB recording some notable gains.
Ethereum price, for instance, crossed the $2,880 mark with an intraday surge from $2,717. Solana broke into the top four by market cap after surging to near $198, flipping BNB with its market cap at over $92.8 billion.
BNB, on the other hand, crossed $600 for the first time since late October as it hit highs above $610. The coin's market cap at the time of writing stood at $87.3 billion.
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