The US has lowered interest rates from 5.5% to 5.0% for the first time since 2020. This news had a positive impact on the markets, sending Bitcoin’s price over $62,168. Discussions on social media following the interest rate cut triggered a rally in the cryptocurrency market. The downward trend in inflation and the slowdown in the US economy are playing an important role in Bitcoin reaching new highs.
The current U.S. interest rate is at 5.0%, a larger drop than the 5.25% policymakers had forecast. Key points from today’s statement include: The Committee gained confidence that inflation is moving sustainably toward the 2% target. It also sees further rate cuts in 2024, with the majority voting between 4.25% and 4.75%. The unemployment rate is expected to rise between 4.2% and 4.5%, and GDP expectations are expected to fall to 2.0% and 2.1%.
Bitcoin and Cryptocurrency Market Reaction
Bitcoin,$BTC
It is trading at $62,000, having surpassed the monthly opening price of $58,960 for September. The total value of the cryptocurrency market has also reached $2 trillion again. After the interest rate cut, Bitcoin is moving towards the highest levels in recent weeks. If this rise continues, BTC is expected to approach the $70,000 levels of July. However, the current price range may decline if buyer interest decreases. The fear and greed index in the crypto market is currently at 37.
Altcoin Analysis: OM and AAVE$AAVE
Mantra (OM) could be a sign of a big move as it trades above the Golden Fibonacci ratio of 0.618. An upward move from this level could take the price to $1.41, then $1.63 and $1.90. However, if buyers show no interest, there is a risk that the price could drop below $1.02.
A bullish scenario for Aave (AAVE) could also occur if the price finds support at the 0.786 Fibonacci level and rises to $153.72, $176.34 and $205.12. However, if buyer interest is not attracted, the price of AAVE could drop below $135.92.
The US interest rate cut is seen to have caused significant movements in both traditional and cryptocurrency markets. The downward trend in inflation and the slowdown in economic growth may cause investors to turn to risky assets. The impact of such macroeconomic developments on cryptocurrencies should be monitored carefully and considered in future investment decisions.
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