After Bitcoin, the US also opened with an increase
Last night, the Fed's 50 basis point cut first caused Bitcoin to exceed $63,000 today, and then it increased US stock markets. While crypto stocks such as Coinbase, MicroStrategy, RIOT and Marathon opened today with significant increases, a new 50 basis point cut analysis came from Citi.
What the Fed, which provided comfort to the markets with a 50 basis point cut yesterday, will do on November 7 has already begun to be discussed. Analysts at Citi, one of the largest financial institutions in the US, stated that they predict that the numbers in the labor market will continue to slow down and that this situation will cause the Fed to make another 50 basis point cut.
Citi analysts, who expected a 50 basis point cut in November, stated that a 25 basis point cut is seen in December, so they predict that 2024 will end with a 125 basis point cut in total.
The discount is good for the markets for now
The Fed's 50 basis point cuts seem to have brought relief to the markets for now. Bitcoin rose above $63,200 during the day, while US markets opened at 16:30 Turkish time and turned green.
Crypto stocks also benefited from the positive atmosphere. MicroStrategy and Coinbase stocks increased by 7%, RIOT and Marathon by 4%, while the S&P 500 and Nasdaq rose by over 2%.
The dollar index also showed short-term increases. This caused Bitcoin to fall to $62,700 and other stocks to see various losses.
✒️Uzmancoin
