Fed cuts 50bps Marks Start of a New Cycle
The central bank of the United States (US) The Federal Reserve (The Fed) surprised the world by cutting the benchmark interest rate by 50 basis points (bps) to 4.75-5.0% on 18 September 2024 at 18 UTC (01 Indonesian Time). (1 and 8 Its lucky number in Chinese :))
The cut of 50 bps was greater than the market expectation of only 25 bps. This cut is the first since March 2020 or four years ago at the beginning of the Covid-19 pandemic.
As is known, the Fed raised interest rates by 525 bps from March 2022 to July 2023. They then held interest rates at the level of 5.25-5.50% in September 2023-August 2024 or more than a year.
At the time of FED decision Bitcoin soar for 2.6% to $61,318 but than correction again as most happen as momentum.
Will this also bring new cycle for Crypto market in Near future and ALT season? Give you comment bellow.
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