How did the U.S. Federal Reserve's rate cut impact the crypto market
The U.S. Federal Reserve's recent 50 basis point rate cut has significantly impacted the crypto market, particularly boosting Bitcoin and other cryptocurrencies. Following the announcement, Bitcoin surged nearly 3%, reaching around $62,106, while major altcoins also saw gains of up to 5%. Lower interest rates enhance liquidity, driving demand for riskier assets like cryptocurrencies, which are often viewed as a hedge against inflation and economic instability. However, some analysts caution that this rate cut may also signal deeper economic concerns, potentially leading to increased market volatility in the short term.
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