Federal Reserve cuts rates by 50 basis points, causing drop in cryptocurrency prices

From Investing.com

September 18, 2024 4:46:55 pm:

The Federal Reserve cut rates by 50 basis points, prompting a drop in prices across markets, including cryptocurrencies. Bitcoin traded flat at $60,189, while Ethereum and saw declines. Cryptocurrency-related stocks fluctuated, with some ending slightly negative. Ten Fed officials favored another rate cut, signaling concern for the U.S. economy.

Bitcoin struggles to maintain highs achieved earlier in the year, trading around $60,000 after reaching $65,000 in August. Rate cuts historically weaken the U.S. dollar and benefit risk assets like stocks, setting a volatile market backdrop. Fed’s aggressive measures reflect deepening economic worries, impacting various financial sectors.

Read more at Investing.com: Bitcoin, Ethereum, Polkadot volatile as Federal Reserve delivers a big rate cut By Investing.com