Bitcoin hits one-month high near $64k after Federal Reserve rate cut, positive.

From Investing.com

September 23, 2024 2:00 am:

Bitcoin’s price surged to a one-month high, reaching $63,932.1, after the Federal Reserve’s interest rate cut. Traders are awaiting more cues on interest rates and the U.S. economy, with key data and speeches scheduled for the week ahead.

Bitcoin outpaced other cryptocurrencies as risk appetite remained strong ahead of key events. The recent rate cut by the Fed and expectations of further cuts are fueling interest in speculative assets like Bitcoin.

Lower interest rates are favorable for Bitcoin, freeing up liquidity for investment in cryptocurrencies. However, gains for Bitcoin were limited as the Fed indicated that rates may not drop significantly in the long run.

Broader cryptocurrency markets showed mixed performance, with Ethereum rising 2.9% while Litecoin and Ripple declined. Meanwhile, meme token Dogecoin saw a slight increase of 0.3% in its price.

Read more at Investing.com: hits 1-mth high near $64k on rate cut cheer By Investing.com