BTC’s gains over the past week have been in the 7% range.
Avalanche was the biggest gainer of the bunch, climbing 9%.
Cryptocurrency Tracking
The US central bank has also hinted at further cuts this year, with some suggesting they could reach at least 50 basis points. A further rate cut could help BTC and other cryptocurrencies.
Source: CoinMarketCap
“Over the past 24 hours, the cryptocurrency market has seen a notable surge, increasing by 2.78% to reach a total market capitalization of $2.15 trillion. This positive momentum coincides with the US Federal Reserve announcing a 50 basis point cut in the benchmark federal funds rate, the first in four years. This news has benefited major cryptocurrencies,” said Shivam Thakral, CEO of BuyUcoin.
As interest rates fall, investor sentiment should improve, which could potentially drive more capital into the crypto space, he said, adding that if economic conditions improve, the future prospects for cryptocurrencies will only brighten.
This is the first rate cut by the Fed since the start of the COVID-19 pandemic and the move has sparked a rally in markets, with Bitcoin rallying back above $62,000, according to the note from CoinSwitch Markets Desk. Lower rates are often seen as bullish for Bitcoin, as they allow investors to borrow more cheaply to buy riskier assets like BTC, according to the note.
In other news, Solana has launched its second mobile device, called Seeker and according to Solana, it’s more than just a “memecoin phone,” hinting at broader features and use cases.
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