Federal Reserve cuts interest rates by 50 basis points, leading to positive reaction in crypto market

From Investing.com
September 19, 2024 11:30:22 AM:

The Federal Reserve made an aggressive move by lowering interest rates by 50 basis points, the first cut since March 2020. Fed Chair Jerome Powell emphasized the importance of maintaining the strong U.S. economy and avoiding a downturn.

Crypto market reacts positively after the significant interest-rate cut, with Bitcoin rising to a three-week high. Several other cryptocurrencies, including ETH, SOL, ADA, and SHIB, also saw gains in the last 24 hours.

Investors are predicting further rate cuts at the Fed’s upcoming meetings, anticipating a more aggressive stance. Despite Powell’s cautious approach, the crypto market continues to experience gains, showing resilience in the face of economic uncertainties.

Read more at Investing.com: Fed’s Jerome Powell’s Message Creates Ripple Effect on Crypto Market By U.Today