“Bitcoin and crypto stocks rise after the Fed cuts rates by half a percentage point” (CNBC Crypto World)
CNBC Crypto World-- “Cryptocurrencies rose as part of a broad market rally Thursday, one day after the Federal Reserve delivered a half-percentage-point reduction in interest rates, the first in more than four years.
The price of bitcoin was recently higher by 5% at $63,255.00, according to Coin Metrics, building on a rally underway before the central bank decision Wednesday. Bitcoin, similar to stocks, initially jumped and then pulled back as traders absorbed the news.
“Bitcoin’s tightest correlations over time have been a positive relationship with money growth and a negative relationship with the U.S. dollar,” said Matthew Sigel, head of digital assets research at VanEck. “With this move from the Fed, we think the likelihood of strong Q4 performance from bitcoin rises.”
