Alternative cryptocurrencies surged during trading on Tuesday U.S. time, supported by Treasury Secretary Scott Bessent's remarks urging the Federal Reserve to cut interest rates by 50 basis points in the upcoming September meeting.
Bessent stated in an interview with **Fox News**: "The topic worth discussing now is whether we need to lower by 50 basis points in September?" He noted that the Federal Reserve could have acted in June if accurate data had been available, describing that as the **"core issue"** for the central bank.
Although Bessent is not a member of the Federal Open Market Committee (FOMC), his words carry significant weight, especially after being tasked by President Trump to select a successor for the current Federal Reserve Chair Jerome Powell.
### Market Reaction:
- Ethereum (ETH): Jumped by 9%, surpassing the $4,600 level for the first time since November 2021.
- Cardano (ADA), Solana (SOL), and Litecoin (LTC): Each rose by about 8%.
- XRP: Achieved gains of 3.5%.
- Bitcoin (BTC): Remained stable around $120,000 with a slight increase in U.S. stocks by more than 1%.
The U.S. dollar also fell against major currencies, while the rise began early after consumer price data aligned with July's expectations.
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