RATE Group | Bitcoin Price on the Rise After First Fed Rate Cut Since 2008
56523
post-template-default,single,single-post,postid-56523,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Price on the Rise After First Fed Rate Cut Since 2008

01 Aug Bitcoin Price on the Rise After First Fed Rate Cut Since 2008

Posted at 14:42h in Bitcoin News by

[ad_1]

View

  • Bitcoin could rise to $10,500 in the next 24 hours or so, as the 4-hour chart is looking more bullish.
  • A break above $11,120 is needed to revive the short-term bullish outlook, though.
  • Some expert believe the just-announced U.S. Fed interest rate cut could bode well for BTC in the long-run.

Bitcoin (BTC) has eked out moderate gains amid the U.S. Federal Reserve’s announcement of its first rate cut in over a decade.

The top cryptocurrency by market value is currently trading at $9,950 on Bitstamp, representing a 2 percent gain on a 24-hour basis.

The Federal Reserve (Fed) on Wednesday said it will lower interest rates by 0.25 percent to cushion the economy from a global slowdown and trade tensions. That was the first U.S. interest rate cut since the great financial crisis of 2008, and indeed since the creation of bitcoin in 2009.

BTC rose by over $200 to $10,000 in the three hours leading up to the Fed’s announcement at 18:00 UTC. More importantly, the…

[ad_2]

Source link

Tags:
, , , , , ,