Market participants may be surprised by the US Federal Reserve’s aggressive rate cuts in the coming months, according to economist Timothy Peterson. The Fed recently cut rates by 25 basis points, with a 4% chance of a 50 bps cut. Bitcoin surged to $117,000 pre-cut but is now at $115,570. Another cut is expected in October, with a 91.9% probability. Financial institutions were divided on the Fed’s actions, with some expecting a 50 bps cut while others predicted a 25 bps cut. Lower interest rates are typically positive for risk-on assets like cryptocurrencies.

Read more at Cointelegraph: Crypto Will Surge On Fed Moves And Market Isn’t Ready: Economist