RATE Group | Dow Jones Drops After Fed Rate Cut, What’s This Mean for Bitcoin?
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Dow Jones Drops After Fed Rate Cut, What’s This Mean for Bitcoin?

01 Aug Dow Jones Drops After Fed Rate Cut, What’s This Mean for Bitcoin?

Posted at 01:28h in Bitcoin News by

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July was yet another strong month for the stock markets despite looming threat of a coming economic recession, with the Dow, Nasdaq, and S&P 500 all close to beating out their average monthly gains for the calendar month. Bitcoin, however, has spent much of July locked in a downtrend.

This morning as the Fed monetary policy meeting met its deadline to cut rates, the Dow Jones Industrial Average dropped sharply over the news. Around the same time, Bitcoin spiked above its local lows and could be signaling a bullish reversal is around the corner. As the two markets respond to the news, what’s next for each?

Dow Jones Industrial Average Drops After Federal Rate Cut

Today, the Federal Open Market Committee lowered the lending rate by 25 basis points. Worried stock market investors had begun the selloff late Tuesday into Wednesday, resulting in as much as a 450 point drop for the Dow following the announcement from Federal Reserve Chairman Jerome Powell.

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