Following the Fed’s interest rate cut, the cryptocurrency market reacted strongly, with Bitcoin rising to nearly $62,600 per unit, its highest in over three weeks.
Around 2:30 PM 18 September, Bitcoin (BTC) jumped from a price range of $59,200 two hours earlier to over $61,150 per unit, an increase of nearly $2,000 in a short period. After that, the world’s largest cryptocurrency slightly cooled off but quickly resumed its upward trend.
By about 9:00 PM (EST) 18 September 2024 , Bitcoin surged close to $62,579 per unit, up more than 3% compared to the same time the previous day. This is also the highest level since August 27, marking over three weeks. BTC is now in a volatile zone but continues to hover around $62,000.
Similarly, Ether gained momentum, rising about 2.5% to near $2,400, Binance Coin increased by more than 1.5%, and Solana added nearly 3%. Many other cryptocurrencies also followed the upward trend.
Discussion in Bitforum: https://bitforum.net/t/bitcoin-surges-after-50-basis-point-interest-rate-cut/519