On September 19, 2024, the U.S. Federal Reserve (Fed) announced its decision to cut interest rates. This decision acted as a catalyst to pump the trade price of both Bitcoin (BTC) and the broader cryptocurrency market.
The U.S. Federal Reserve (Fed) announced its decision to cut interest rates on September 19, 2024. Officials revealed a reduction of the federal funds rate by 0.50 percentage points (bps), marking the first such cut in four years.
This decision acted as a catalyst to pump the trade price of both Bitcoin (BTC) and the broader cryptocurrency market. Crypto enthusiasts believe the current rally in cryptocurrency prices could see a 150% surge.
An Indian crypto influencer shared insights on the future impact of this decision, noting that Gold has already hit an all-time high, and it’s now Bitcoin's turn.
This news comes as Bitcoin spot ETFs experienced a net outflow of $52.827 million on September 18, revealing a shift in the market following four days of capital inflows. Grayscale's GBTC also saw an outflow of $8.13 million.
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