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The U.S. Federal Reserve has slashed rates by 50 basis points, sending Bitcoin soaring to $62,182. The move ends a four-year break from rate cuts and adds uncertainty to an already unpredictable market.Rates will be lowered by 50 basis points by the U.S. Federal Reserve. After a four-year hiatus, the world's most influential central bank has finally slashed interest rates.
50 Basis Point Cut Sends Bitcoin Higher
The main cryptocurrency, Bitcoin, has recently surged in price and is now sitting at $62,182 on the Bitstamp exchange.
Market watchers were left in the dark by the Fed on the magnitude of its highly anticipated rate cut until the final seconds.
Fed's Move Sparks Market Confusion
The Federal Reserve's actions are usually somewhat predictable, but its most recent decision caused a lot of confusion.
Earlier this week, the odds of a rate drop of 50 basis points jumped dramatically on PolyMarket, going above 50%. The likelihood of a massive relocation, however, fell sharply on Wednesday. Currently, US futures indicate that a 25-basis point rate drop in November is 64 percent likely to occur, U.Today reports.Inflation Battle Ended With July 2023 Rate Hike
In 2022, the Federal Reserve began a sustained series of rate hikes to rein in inflation that had gotten out of hand. July 2023 was the end of this bearish cycle.
It should be noted that the ECB has already reduced interest rates on many occasions this year in response to falling inflation in the Eurozone. The Federal Reserve was allegedly too sluggish to begin lowering rates, according to some analysts.
Despite the fact that talk of a rate decrease by the Federal Reserve has been all over the news for the last several weeks, Jamie Dimon, CEO of JPMorgan Chase, recently played down the significance of the announcement. He insisted investors should focus on "a real economy" rather than the central bank's decision, saying it would be of little consequence.
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