Fed cuts interest rates by 50 basis points! đž
- ââThe US Federal Reserve has cut interest rates by 50 basis points for the first time in four years, bringing them to a range of 4.75%-5%.
- Bitcoin (BTC) responded immediately to the decision, rising 1.2% to $61,000, before giving back its gains.
- The Nasdaq rose 0.8%, the S&P 500 rose 0.6%, and gold was steady at $2,600.
- Fed members expect interest rates to drop to 4.4% by the end of the year.
- Volatility expected in the crypto market; Wintermute predicts a 2%-3% swing in BTC.
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