Ether, Cardano, XRP among the cryptocurrencies that are starting a new upward phase as Scott Bessent raises the possibility of a 50 basis point rate cut.
Bitcoin also surpassed $120,000 again, but is underperforming compared to much of the rest of the cryptocurrency sector.
Altcoins continued their rally on Tuesday afternoon in the United States, after Treasury Secretary Scott Bessent suggested that the Federal Reserve should consider a 50 basis point rate cut at its upcoming September meeting.
"What is really important to consider now is whether we should get a 50 basis point rate cut in September," Bessent told Fox News. Bessent added that the Fed could have cut rates in June if it had been provided with accurate data, which he described as a 'fundamental problem' at the central bank.
Markets had already practically priced in a 25 basis point move in September, but the possibility of 50 basis points seemed to further energize the situation.
To be precise, Bessent is Secretary of the Treasury and not a member of the Federal Reserve, let alone its chairman. However, Bessent has been tasked by President Trump to select a replacement for Fed Chairman Powell, so his words certainly carry weight.
Already with gains on the day, ether rose further, now with an increase of nearly 9% in the last 24 hours and above $4,600 for the first time since November 2021.
of approximately 8% in the last 24 hours, while XRP
Bitcoin bulls
BTC
$119,370.54
remained on the sidelines during today's rally, which also boosted stock markets by more than 1%. The cryptocurrency is trading at $120,000, virtually unchanged in the last 24 hours. The dollar weakened against all major currencies.
The rally began early Tuesday morning after new data showed that consumer prices increased roughly in line with estimates in July.