Bitcoin and Ethereum hit new highs, Fed rate cut boosts US stocks
This morning, Bitcoin surged past $76,000, and Ethereum is also approaching the $3,000 mark! After the Fed cut interest rates, US stocks soared. However, the crypto market experienced liquidations, and the open interest in Bitcoin reached a new high, reminding investors of the significant short-term risks and the need for caution.
Recently, the cryptocurrency and US stock markets have been quite volatile, and investors are closely watching. Both Bitcoin and Ethereum have reached new highs, making digital assets more appealing. The Fed also cut interest rates by 25 basis points, leading to gains in most of the four major US stock indices. Let's discuss these market dynamics in detail.
New price movements for Bitcoin and Ethereum
On November 7th, Bitcoin's price skyrocketed to $76,422. Although it fluctuated for a bit, it later surged to $76,848, a historical high! Now, although it has pulled back a bit, it is still up 1.08% over the last 24 hours.
Ethereum was even more aggressive, directly breaking through $2,900, hitting a high of $2,955. The current price is about $2,916, up 4.78% in the last 24 hours. It seems that during times of high market risk, investors prefer Ethereum, especially driven by applications in decentralized finance (DeFi).
Increase in crypto market liquidations, over $335 million liquidated across the network
As Bitcoin's price rises, liquidations in the crypto market increase. In the past 24 hours, liquidations across the network exceeded $335 million, with 93,000 investors being liquidated. Given the market's volatility, investors need to be cautious.
Additionally, the open interest in Bitcoin on exchanges has also reached a new high of $46.6 billion! With so much money waiting for price movement, it indicates potential for greater volatility. Investors need to be even more careful, as short-term risks are significant.
Fed rate cut, how did the four major US stock indices perform?
The Fed cut rates by 25 basis points, adjusting the rate to 4.5%–4.75%. This adjustment aims to balance inflation risks and relieve pressure on the economy. Upon seeing this, the US stock market gained confidence, with most indices rising.
Recently, I plan to position myself in a potential coin that is ready for a significant surge; doubling it should be quite easy. I am also looking for some potential coins to hold until the end of the year, expecting a growth potential of over 10 times is not an issue. If you want to keep up, leave a message, follow, like, and share without any charge.
