The United States (US) central bank, the Federal Reserve (Fed), surprised the world by cutting its benchmark interest rate by 50 basis points (bps) to 4.75-5.0% on September 18, 2024 at 18 UTC (01 Vietnam time).
The 50 basis point cut was larger than the market expectation of just 25 basis points. This was the first cut since March 2020, or four years ago, when the Covid-19 pandemic began.
As is known, the Fed raised interest rates by 525 basis points from March 2022 to July 2023. They then kept the interest rate unchanged at 5.25-5.50% from September 2023 to August 2024, or more than a year.
Under the decision of the FED, Bitcoin is now responding positively to increase to $ 62,000.
Financial experts are all debating and discussing the future of stocks, cryptocurrencies and finance.
Is this a positive signal for the crypto market?