Bitcoin Price Reaches All-Time High Following Fed Rate Cut
Bitcoin reaches an all-time high of nearly $77,000 as the Federal Reserve cuts interest rates by 25 basis points, reflecting market expectations.
Federal Reserve Cuts Interest Rates
In a highly anticipated move, the Federal Reserve cut interest rates by 25 basis points during its first Federal Open Market Committee (FOMC) meeting after the November US presidential elections. This decision aligns with market expectations and reflects the central bank's ongoing efforts to manage inflation.
Bitcoin's Price Reaction
Bitcoin's price responded positively, hovering near an all-time high of approximately $77,000. Following the Fed's announcement, Bitcoin briefly peaked at $76,800 on Bitstamp before settling around $76,100. The cryptocurrency market had largely priced in the Fed's decision, resulting in minimal fluctuations immediately after the announcement.
Impact of the Presidential Elections
This week has been significant for the US economy, with the election of a new president who is expected to steer the country in a different direction for the next four years. Bitcoin's price surged earlier in the week as Donald Trump took the lead in the elections, breaking its previous all-time high from March.
Market Performance
As of now, Bitcoin has gained 8% over the week and more than 22% in the past month, with a market capitalization exceeding $1.5 trillion. This positions Bitcoin as the 9th largest financial asset globally, showcasing its growing influence in the market.
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