The last Fed rate cut took place in March 2020 in response to the crisis caused by the COVID-19 pandemic. During that time, the Fed quickly cut rates from around 1.5% to near zero (0-0.25%).

The evolution of Bitcoin in relation to this event:

1. March 2020 Immediately after the announcement of the Fed measures and during the global economic uncertainty, Bitcoin suffered a steep decline, similar to traditional markets. On March 12, 2020, Bitcoin lost about 50% of its value in a single day, dropping from over $7,000 to around $3,800.

2. Later (2020) Following this sharp drop, Bitcoin began a rapid recovery as monetary stimulus and low interest rates flooded financial markets with liquidity. These measures, along with increased interest in digital assets as a hedge against inflation and currency depreciation, led to a massive rise in Bitcoin by the end of 2020.

3. End of 2020 Bitcoin ended 2020 at a price of around $29,000, marking an impressive run, fueled by institutional investors and the perception that Bitcoin could function as a "store of value" similar to gold.

Conclusion:

The Fed's March 2020 interest rate cut indirectly contributed to a significant bull market for Bitcoin, as loose monetary policy and economic stimulus increased interest in alternative assets. Although there was a drastic drop initially, Bitcoin rose strongly in the following months.