Bitcoin Price at All-Time High as Fed Cuts Interest Rates by 25 Basis Points
In the first FOMC meeting after the November US presidential elections, the nations central bank cut the interest rates by 25 basis points, which was what the market and experts anticipated.
Bitcoins price, which is typically very susceptible to US-related news, was already at all-time high levels of just shy of $77,000 and remained relatively still.
It has been a big week for the worlds largest economy as the nation elected a new president on Tuesday, who presents an entirely different direction for the next four years.
On Thursday, the Federal Reserve was scheduled to host its first FOMC meeting since the one in September when it lowered the key interest rates by 0.5%.
Most market analysts and experts anticipated a more modest cut of 25 basis points during the November meeting, which is what Fed Chair Jerome Powell announced minutes ago. Thus, the rates have been reduced to 4.5%-4.75%.
The central bank based its decision on the declining inflation rates in the country and reaffirmed its goal to lower it to 2% in the next several months.
With most experts expecting such a move by the Fed, it seemed like the markets had already priced it in. As such, theres no big movement for bitcoin minutes after the decision came out.
The primary cryptocurrency charted a new peak minutes ago at $76,800 (on Bitstamp) but has lost some traction and now stands at around $76,100.
BTC exploded when Donald Trump took the lead in the presidential elections earlier this week and broke its March all-time high as all roads started to point to his return to the White House. Bitcoin is currently 8% up on the week and more than 22% within the past month. Its market cap is well above $1.5 trillion, making it the 9th largest global financial asset.
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Text source: CryptoPotato
