The central bank announced that it will cut interest rates for the first time in four years. After this development, Bitcoin quickly surpassed the $63,000 level and experts think that this situation could be a harbinger of new highs.
The 50 basis point cut was a bigger move than expected, as markets had expected a 25 basis point cut. The move reflects a bold monetary policy strategy that supports investors’ hopes of acting quickly amid economic uncertainty. Fed Chair Powell announced that he will cut interest rates by 0.5 percentage points to between 4.75% and 5%. If Bitcoin can break new records, it could also boost the rest of the $2.2 trillion crypto industry. However, uncertainties surrounding the US election could jeopardize a potential rally.
Robert Kiyosaki, in a previous X post, wrote that Bitcoin, following the Fed’s rate cuts,$BTC
had stated that gold and silver prices could rise rapidly. The crypto market increased by 2% due to the expected announcement, reaching $2.2 trillion. ETH increased by more than 5% in the last 24 hours to $2,435, while SOL increased by more than 6% to $138. The decline in interest rates and the cheapness of borrowing may encourage investors to buy riskier assets such as stocks and crypto.
The broader crypto market has seen significant liquidations, along with Bitcoin. Derivatives traders have seen $204.3 million worth of contracts liquidated in the past 24 hours, with $130.5 million coming from short positions and $73.8 million coming from long positions. This reflects the market’s trend as prices rise. Pi42 CEO Avinash Shekhar said that since August, there has been a clash between bulls and bears, with short holders selling to signal a potential bottom and long holders providing support above $60,000.
Shekhar also stressed that the $60,000 level is critical, saying, “An uptrend above $62,000 could trigger bullish momentum, while a drop below $60,000 could increase selling pressure.”
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So who can benefit?
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I EXPLAIN IN DETAILED.
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WHEN WILL THE REWARD COME?
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