Bitcoin surged above $63,000, boosted by the US Federal Reserve's 50 basis point rate cut on Wednesday

Reductions in borrowing costs are traditionally a bullish indicator for risk assets like cryptocurrencies, and easing cycles have historically coincided with increases in the price of BTC to all-time highs.

Bitcoin has added around 5.15% over the past 24 hours, while the broader digital asset market is up more than 6.2%, as measured by the CD20 index

Major altcoins ETH and SOL lead the gains, up 5.5% and 9.14%, respectively.

Even though the expected US rate cut appears to have the desired effect on crypto markets, traders are warning that the rally could be short-lived.

They argue that the broader picture of economic slowdown and geopolitical uncertainty will dampen cryptocurrency price gains.

Presto Research noted the mixed reaction across asset classes to the rate cut, showing that “there are clearly concerns about growth.” Arthur Hayes, chief investment officer at Maelstrom, argued that rate cuts will boost inflation, which could cause markets to falter and then “just do more of the same and make the problem worse.”

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