Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Cryptocurrencies Rise After Fed Rate Cut Bitcoin-Related Stocks Climb

Cryptocurrencies Rise After Fed Rate Cut Bitcoin-Related Stocks Climb

Bitget2024/09/19 14:21

Cryptocurrency prices rose on Thursday after the Federal Reserve cut interest rates for the first time in more than four years as part of a general market rally. According to Coin Metrics, the price of bitcoin rose 3.5 percent intraday to $62,417.48, following a rally ahead of the central bank's decision on Wednesday. Bitcoin, like stocks, rose initially but then fell back after traders digested the news. Stocks linked to the price of bitcoin climbed. Bitcoin trading operator Coinbase rose 5 percent. MicroStrategy, widely used as a high-risk investment vehicle for the bitcoin price, rose 5 percent. Tomorrow the Bank of Japan is likely to leave its policy rate unchanged this time, but signs of further rate hikes could boost (the) yen and could trigger a reversal in yen carry trades, which could lead to a sell-off in Japanese equities, and risk aversion could spread to the crypto market, said Yuya Hasegawa, a crypto market analyst at Bitbank, a Japanese bitcoin exchange. The next possible short-term target is around $65,000 USD.

1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!