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Cryptocurrency News Articles
Bitcoin and Ether Thrive as AI-Driven Token Sector Surges After Fed Rate Cut
Sep 23, 2024 at 11:07 pm
Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, were thriving on Monday morning, buoyed by the U.S. Federal Reserve's recent interest rate cut.
Bitcoin and Ether surged on Monday, lifted by the U.S. Federal Reserve’s recent interest rate cut, which sparked a rally in risk assets and had a magnifying effect on cryptocurrencies.
Bitcoin was trading at $63,000 on Monday, up 1.2% in the past 24 hours and nearly 8% over the week. Ether was hovering around $2,600, with a 2.5% gain in the last 24 hours and an impressive 15% rise over the week, data from CoinMarketCap showed.
The surge came after the Federal Open Market Committee (FOMC) last Wednesday lowered interest rates by 50 basis points, setting the federal funds target range at 4.75% to 5.00%. This marked a slowdown from the 75-basis-point rate hikes over four consecutive meetings earlier in 2023.
The Fed’s decision had an immediate and positive effect on risk assets, with cryptocurrencies leading the charge. The overall crypto market followed suit, with altcoins including Solana (SOL), Dogecoin, and Cardano gaining 8.5%, 4.9%, and 5.9%, respectively, over the past week.
However, it was the AI-driven token sector that saw the most dramatic growth. Tokens such as Artificial Superintelligence Alliance (FET), Bittensor (TAO), and Sui (SUI) surged 25%, 81%, and 38% in a week, respectively, as investors poured in, eager to capitalize on the momentum sparked by the Fed’s rate cut.
A recovery may be on the way for crypto ETFs
Spot Bitcoin exchange-traded funds (ETFs) and the spot Ether ETFs have seen varying fortunes since their launch in September. According to ETF tracker Farside, while spot Bitcoin ETFs experienced mixed inflows and outflows in September, spot Ether ETFs saw predominantly outflows.
However, this trend may shift in the coming days following the Fed’s interest rate cut, potentially encouraging investors to allocate more funds to the crypto ETFs.
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