() price dropped after the Federal Reserve made its first rate cut since the Covid pandemic, reducing borrowing rates by a half percentage point, or 50 basis points.
The U.S. central bank lowered the federal funds rate to a range of 4.75% to 5%. This aggressive cut signals deepening concerns over the state of the U.S. economy, sparking volatility across multiple markets, including cryptocurrencies.
At 16:40 ET (20:40 GMT), Bitcoin price was flat on the day, trading at $60,189.00. was down 1.1%, exchanging hands at $2,138.87, while price dropped about 1.9%.
Cryptocurrency-related stocks gave up their earlier gains. While MicroStrategy Incorporated (NASDAQ🙂 shares rose 1.5% during the day, most bitcoin miners, including Marathon Digital Holdings Inc (NASDAQ:) and Riot Platforms (NASDAQ:), along with crypto exchange
