Bitcoin price attempts to turn the tide after Fed’s 0.5% rate cut
Bitcoin price rallies to $61,000 after the US Federal Reserve cuts rates by 50 basis points for the first time since 2020.
Bitcoin rallied above $61,000 following the United States Federal Reserve’s decision to cut interest rates by 50 basis points. The Fed’s decision to cut rates for the first time since 2020 is a move long predicted by crypto traders, and most anticipate Bitcoin and the wider cryptocurrency market to benefit from the policy reversal.
Data from Cointelegraph Markets Pro and TradingView followed BTC’s price action as it reacted to the rate cut decision even as the market awaited accompanying commentary from Fed Chair Jerome Powell.
BTC/USD 15-minute chart. Source: TradingView
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Author: Nancy Lubale
