Federal Reserve Cuts Interest Rates by 50 Basis Points: Impact on Altcoins
On Wednesday, the Federal Reserve made headlines by cutting interest rates by 50 basis points, marking its first reduction since 2020. This significant move has reverberated across financial markets, particularly in the cryptocurrency sector, leading to notable price increases in several altcoins.
Market Reaction
The immediate response to the rate cut was palpable in the crypto market, with altcoins experiencing substantial gains. Key performers included:
Fantom (FTM): Soared over 14%, currently trading at $0.64.Sui (SUI): Rallied by more than 13% in the past 24 hours, reaching $1.34.Near Protocol (NEAR): Increased by over 10%, now trading at $4.47.
These gains reflect a broader positive sentiment among traders, who view the rate cut as a catalyst for potential growth in alternative cryptocurrencies.
