Can Bitcoin price break out after Bank of England interest rate cut?
This marks the bank’s first interest rate cut in over four years, with the last rate cut occurring in March 2020.
Bitcoin price could see more upward momentum from the latest interest rate decision of the British central bank.
The Bank of England announced an interest rate cut of 0.25%, to the current 5% mark, on Aug. 1, bringing an end to one of the longest periods of heightened interest rates.
Bitcoin’s (BTC) price could benefit from the surprise interest rate cut since economists were split on whether the bank will cut or hold its interest rates steady.
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Author: Zoltan Vardai
