Bitcoin price steady at $63.5k after Fed rate cut boost, altcoins struggling

From Investing.com

September 20, 2024 08:25:45 AM:

Bitcoin’s price hit a three-week high thanks to the Fed’s interest rate cut. Despite initial mixed reactions, Bitcoin rose with other risk-driven markets. The Fed’s rate cut boosts liquidity for speculative assets like cryptocurrencies. Analysts predict further rate cuts this year, but concerns over economy growth linger due to Powell’s comments.

Altcoins saw rises alongside Bitcoin but had mixed weekly performances. Ethereum rose 4.8% while other altcoins had flat or low weekly gains. Meme token Shiba Inu saw a 1% rise this week. Bitcoin retains dominance as capital flows into Bitcoin and Ether. Altcoins struggle to keep up with the leading cryptos.

Bitcoin from the early days moved after 15 years of inactivity. Over 250 BTC from the “Satoshi era” were transferred to new wallets, valued at nearly $16 million. These bitcoins were received as a block reward in 2009 and had remained untouched until now. The owner of the wallets remains unknown, and the BTC hasn’t been sent to exchanges.

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