|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Cryptocurrencies Rise as Part of a Broad Market Rally, One Day After the Federal Reserve Delivered a Half Percentage Point Reduction in Interest Rates
Sep 19, 2024 at 08:31 pm
The price of bitcoin was recently higher by 3.5% at $62,417.48, according to Coin Metrics, building on a rally underway before the central bank decision Wednesday.
Cryptocurrencies rose sharply Thursday as part of a broader market rally, one day after the Federal Reserve delivered a half percentage point reduction in interest rates.
Bitcoin recently climbed 3.5% to $62,417.48, according to Coin Metrics. The cryptocurrency had been rallying ahead of the central bank decision Wednesday, and its gains slowed after the announcement. Bitcoin, like stocks, initially jumped and then pulled back as traders absorbed the news.
Ether rose nearly 5%, outperforming bitcoin in recent sessions. Its main competitor, the solana token, jumped 7.5%.
Stocks tied to the price of bitcoin also climbed. Bitcoin exchange operator Coinbase advanced 5%. MicroStrategy, widely used as a high beta play on the price of bitcoin, gained 5%.
Some investors are concerned that the size of the interest rate reduction — when the Fed could have eased policy by only a quarter point — shows that policymakers must be more worried about the state of the economy than markets would indicate. Others are more focused on easier borrowing costs spurring an uptick in liquidity that's likely to support prices.
Bitcoin behaves as both a hedge and a risk asset, and is currently more closely correlated to the Nasdaq Composite Index than it is with gold.
Bitcoin is up 6% in September, usually its worst month of the year. It isn't out of the woods yet, however, said Yuya Hasegawa, crypto market analyst at Japanese bitcoin exchange Bitbank. He pointed to the outcome of the Bank of Japan's policy meeting, which began Thursday.
"The BOJ will likely keep the policy rate this time around but signs of additional rate hikes could boost [the Japanese yen] and may trigger yen carry trade to rewind, which could result in a sell-off in the Japanese stock market and the risk-off sentiment could cascade into the crypto market," he said. "Bitcoin has some time until the BOJ makes the decision and could extend its gain during Thursday's U.S. session. The next likely short-term target is around $65,000."
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Marsh rues Zampa absence as Brook ton downs Australia
- Sep 25, 2024 at 12:20 pm
- England, chasing a tough-looking total of 7-304 headlined by another brilliant knock of 77no from Alex Carey, still ended up easing towards their target on 4-254
-
- Robbins Geller Rudman & Dowd LLP Announces that Purchasers or Acquirers of Coinbase Global, Inc. (NASDAQ: COIN) Publicly Traded Securities between April 14, 2021 and July 25, 2024 Have Until November 12, 2024 to Seek Appointm
- Sep 25, 2024 at 12:15 pm
- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Coinbase Global, Inc. (NASDAQ: COIN) publicly traded securities between April 14, 2021 and July 25, 2024, both dates inclusive (the “Class Period”), have until November 12, 2024 to seek appointment as lead plaintiff of the Coinbase class action lawsuit. Captioned Castle v. Coinbase Global, Inc., No. 24-cv-04850 (E.D. Pa.), the Coinbase class action lawsuit charges Coinbase as well as certain of Coinbase’s top executives with violations of the Securities Exchange Act of 1934.
-
- Brett Favre diagnosed with Parkinson's disease, retired NFL quarterback tells Congress
- Sep 25, 2024 at 12:15 pm
- Brett Favre has been diagnosed with Parkinson's disease, the retired NFL quarterback himself said on Tuesday before a United States congressional committee
-
- AI Tokens Lead the Charge in the Crypto Week Ahead
- Sep 25, 2024 at 12:15 pm
- The crypto market experienced an uptrend in the past week, with Bitcoin's [BTC] price returning to the $60,000 level. This bullish momentum has led to significant surges in several altcoins, particularly in the artificial intelligence (AI) token sector.
-
- Shiba Inu (SHIB) May Be Gearing Up for a Significant Price Surge This October, With Historical Data Indicating a Potential 283% Increase
- Sep 25, 2024 at 12:15 pm
- Investors are watching closely as the meme-based cryptocurrency enters what could be another fruitful 'Uptober.'
-
- GoodEgg (GEGG) Presale: A Success Story in the Making
- Sep 25, 2024 at 12:05 pm
- GoodEgg (GEGG) has managed to capture investor interest with its promise of merging social interactions with blockchain technology.
-
- CET: The Native Token of the CoinEx Cryptocurrency Exchange
- Sep 25, 2024 at 10:30 am
- CET is the native token of one of the leading cryptocurrency exchanges, CoinEx. It is an ERC-20 token based on the Ethereum network that was launched in 2018.
-
- Dogecoin ($DOGE) Primed to Hit $1 By December This Year, Market Analyst Master Kenobi Predicts
- Sep 25, 2024 at 10:25 am
- The early aftermath of the current Federal Reserve (Fed) interest rate cuts has been constructive for the final crypto business as main property like Dogecoin have been displaying optimistic sentiment.
-
- IMX Token Price Prediction: Can It Break the $2 Resistance Level and Rally Higher?
- Sep 25, 2024 at 10:25 am
- Over the past 24 hours, IMX has jumped an impressive 12.14%, reaching a price of $1.81. This upswing has stirred speculation about whether the token can break through a key resistance level of $2.