Investing.com– Bitcoin’s price jumped on Thursday after the Federal Reserve cut interest rates by a wide margin and signaled the beginning of an easing cycle.
The rose 4.7% to $62,947.0 by 09:05 ET (13:05 GMT), briefly rising as high as $62,539.8. The token also broke out of a $50,000 to $60,000 trading range seen through most of the year, although it remained to be seen whether the breakout could be maintained.
Broader cryptocurrency prices also rose after the Fed’s rate cut, although strength in the limited overall gains.
rises, but less dovish Fed outlook limits gains
The world’s largest cryptocurrency tracked a broader increase in risk-driven assets as markets cheered a , as well as the beginning of the bank’s first easing cycle since 2020.
But this optimism was somewhat dampened by concerns over just how fragile the Fed thought the U.S. economy was, given that the 50 bps…
Read More