Market update: Fed rate cut & Cryptocurrency reaction.
The Fed has implemented its third rate cut of the year, reducing by 25 basis points to 3.5-3.75%. This decision comes with an unusual divide among Fed officials, reflecting differing views on how to handle inflation and labor market risks.
In response, the cryptocurrency market shows mixed performance:
- Bitcoin slightly increased by 0.5% to 93.488 USD.
- Ethereum surged more than 3.4% to 3.405 USD.
- XRP decreased by 1% to 2.09 USD.
- BNB remains stable around 899 USD.
- Solana increased by 1% to 140 USD.
In the past 24 hours, 249 million USD has been liquidated across the market, with Ethereum suffering the heaviest losses at 91 million USD. Meanwhile, cryptocurrency ETFs continue to attract capital, with Bitcoin ETFs bringing in 152 million USD and Ethereum ETFs bringing in 178 million USD.
Looking at the recent price fluctuations, most major cryptocurrencies are showing accumulation patterns following the Fed's announcement, indicating that the market is still digesting this monetary policy change.
The content is for informational and discussion purposes only, not investment advice.
