Topic: Did the Bitcoin pump to $63K have anything to do with the US Fed rate cut? (Read 17 times)

asriloni

legendary

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Merit: 1024

Leading Crypto Sports Betting & Casino Platform

It's Saylor who has anything to do with Bitcoin pump, not Fed rate cut.

Saylor's buy made Fed rate cut effects become obsolete for bitcoin.

Ziskinberg

hero member

Activity: 2926

Merit: 636

Just recently, the 50 basis point rate cut was approved, lowering the target federal funds rate to a range of 4.75% to 5%.

For those who haven't read about it, here's a quick definition:

"A 50 basis point rate cut means a reduction in interest rates by 0.50% (since 1 basis point equals 0.01%). When the Federal Reserve or any other central bank cuts rates by 50 basis points, they are reducing the cost of borrowing by half a percentage point."

In short, with lower interest rates, people have more opportunities to invest. Since Bitcoin is one of the most popular investments right now, many are linking this rate cut as one of the reasons why Bitcoin’s price surged.

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