Bitcoin (BTC) has surpassed the $63,000 level after the Fed cut interest rates by 50 basis points. This decision increased investor confidence and boosted the prices of cryptocurrencies. Bitcoin rose by 4.22% during the day to $62,521.19.
Ethereum (ETH) also rose 5.2% to $2,428.37. Other cryptocurrencies like Solana (SOL) and BNB also saw significant gains. However, many analysts warn that this rally could be short-lived.
Expectations that the Fed will cut median benchmark interest rates to 4.4% by the end of the year have increased interest in cryptocurrencies and risky assets. Maelstrom’s Arthur Hayes said the rate cut could create a brief market rally but could also reveal deeper economic problems. “If they continue to cut interest rates, inflation will accelerate into the fourth quarter,” he said.
This collaboration will focus on Bitcoin and Ethereum trading
Crypto Finance, a subsidiary of Germany’s largest stock exchange operator, has signed an agreement with Commerzbank to offer trading services to institutional clients, following Switzerland’s Zürcher Kantonalbank. The collaboration will focus on Bitcoin and Ethereum trading.
Source: www.dunya.com
