Btc Jumps As Fed Cuts Rate

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Btc Jumps As Fed Cuts Rate

Bitcoin (BTC) Jumps To $61k As Fed Cuts Rate

Bitcoin (BTC) jumped higher on Thursday after the US central bank surprised the markets with a deeper rate cut. However, any more gains in Bitcoin (BTC) will be limited as the Fed didn't give a very dovish outlook.

Overall, Bitcoin (BTC) gained 2.9% after the event and reached a price level of $61980. Earlier, the cryptocurrency reached $62539 but eventually gave up some of its gains, and it is now around $61K.

Bitcoin (Btc) Trades In $50k - $60k Range

The Fed's decision also allowed Bitcoin (BTC) to get out of the $50K - $60K trading range, which remained in effect for a long time. Now, it remains to be seen whether this break out of the range will be maintained or it will slip back into it.

rather surprising move after the rate cut was that the US Dollar gained after the news. This limited the recent gains in the cryptocurrency markets.

After the rate cut, the US central bank officials also highlighted the fragility of the US economy and how their focus is now on the labor market. Fed Powell also talked about how they have managed the risk of a cooling labor market and high inflation.

Meanwhile, the crypto market is also facing a series of crackdowns by the regulatory authorities. At the same time, the retail interest in the market has also gone down. The only good thing this year was the launch of BTC ETFs.

Besides Bitcoin (BTC), other coins also rose, such as the Ether, which gained 3.9%. After the rise, ETH is now trading at $2412 while the MATC, ADA, SOL, and XRP are also green for the day.

Another big gainer from the crypto market was DOGE, which also propelled higher by 3.3%. The overall sentiment in the crypto market has improved after the rate cut and will continue to do so as long as Fed doesn't end its rate cutting cycle.

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