Fed Rate Cut Sends Bitcoin to Record Highs as Markets Transition to New Politics
Bitcoin (BTC) surged to an all-time high of $76,800, as the latest Federal Reserve interest rate cut of 25 basis points marked a new milestone for both legacy and digital financial markets. This sets the target range between 4.5% and 4.75%, furthering a shift in monetary policy that has historically favored risk-on assets.
Fed Chair Jerome Powell allayed any concerns of political influence on monetary policy flat out. He said that the course of rate decisions set by the Fed would not be swayed one way or another by the results of the upcoming election. “The election will have no impact on our policy decisions. The economy is very difficult to forecast looking past the near term. We don’t guess, we don’t speculate, and we don’t assume,” stressed Powell.
Bitcoin briefly reached $76,800, pulling back and managing to stay at $75,800. This rally extends gains from a previous rate cut in September that had already set a bullish trend in the crypto market.
