Crypto Daily – The Federal Reserve announced the , with 50 basis points. More rate cuts are on the table going into the end of this year, with another 75 bps anticipated. has risen to $62,000 on the news, with bulls looking to take advantage of increasing liquidity.
A new easing cycle
Not just the U.S., but the world, have entered a new economic cycle of easing, designed to cope with faltering economies, and the next roll-over of staggering piles of debt.
That the first Federal Reserve rate cut in four years should be a large 50 basis point one, is testament to how worried the Fed must be about worsening jobs figures, and a further tipping of the economy towards recession.
It’s in this new, easing monetary environment that Bitcoin now finds itself. The king of the cryptocurrencies is very likely to now start making hay, and to lift itself out of the long and depressing sideways and downwards price action of the last six months.
