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Cryptocurrency News Articles
Bitcoin, Ethereum Jump as Investors Cheer Fed's Bold Half-Point Rate Cut
Sep 20, 2024 at 11:01 am
Leading cryptocurrencies edged higher Thursday as risk-taking investors continued to cheer the Federal Reserve's bold half-point interest rate cut.
Major cryptocurrencies were seen trading higher Thursday evening as investors appeared to be in a risk-taking mood following the Federal Reserve's half-point interest rate cut.
What Happened: Bitcoin was seen trading above the $63,800 level in the afternoon, hitting its highest value in nearly four weeks. Earlier in the day, the leading cryptocurrency dropped below the $63,000 mark as some investors chose to lock in gains.
The Fed announced a 50 basis point cut in interest rates earlier this week, bringing the federal funds rate down to a range of 4.75% to 5%. Bitcoin has surged nearly 6% since this move.
Ethereum, the second-largest cryptocurrency, was seen trading close to the $2,500 mark before pulling back to the mid-$2,400 region.
According to data from Coinglass, the total cryptocurrency liquidations soared past $124 million in the past 24 hours, while $77 million in downside bets were getting wiped out.
Bitcoin's funding rate was seen to be positive on most major cryptocurrency exchanges, including Binance and Bybit, indicating the dominance of traders in long positions.
According to the popular Cryptocurrency Fear and Greed Index, the market sentiment was "neutral."
Top Gainers (24-Hours)
The global cryptocurrency market was valued at $2.17 trillion, showing an increase of 1.80% in the last 24 hours.
Stocks closed at new highs Thursday. The Dow Jones Industrial Average rose 522.09 points, or 1.26%, to finish at 42,025.19, marking the 30-stock index's first close above 42,000. The S&P 500 lifted 1.70% to end at 5,713.64, while the tech-focused Nasdaq Composite surged 2.51% to close at 18,013.98.
Investors digested the weekly jobless claims numbers that fell by 12,000 from the prior week to 219,000 in the week ending Sept. 14, which was well below the estimates.
See More: Best Cryptocurrency Scanners
Analyst Notes: Ali Martinez, a widely-followed cryptocurrency analyst and trader, observed Bitcoin's RSI breaking out of a key resistance trendline, prompting him to issue a bullish forecast.
"However, BTC still needs to reclaim the 200-day moving average as support to confirm the continuation of the bull run," the analyst added the caveat.
On the #Bitcoin daily chart, the RSI has broken through a key resistance trendline, signaling a bullish breakout!
However, $BTC still needs to reclaim the 200-day moving average as support to confirm the continuation of the bull run.
Prominent analyst Michaël van de Poppe raised Ethereum's upside potential after the rate cut, predicting higher inflows into ETFs and more interest in yield.
"The likelihood of more rate cuts will be substantial, through which $ETH and DeFi become way more attractive," he remarked.
Rate cuts have happened!
The likelihood of more rate cuts will be substantial, through which $ETH and DeFi become way more attractive.
I think this would mean a higher inflow in the ETF + more interest in Yield, through which ETH/BTC should be running upwards.
Let's see.
Photo by SvetlanaParnikova on Shutterstock
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