The Federal Reserve Cuts Interest Rates by 50 Basis Points, BTC Breaks Through $62,500

Table of Contents

On September 18, 2024, Eastern Time, the Federal Reserve officially announced a cut of 50 basis points in the federal funds rate to 4.75%-5.00%, marking the first rate cut since March 2020. Under the influence of the rate cut news, the cryptocurrency market surged, with BTC breaking through $62,500, leading the gains over the U.S. stock market and spot gold. During this period, the volatility in the BTC market also led to massive liquidations among bearish groups, with liquidated values exceeding $120 million.

 

Many institutions generally believe that this 50 basis point cut is unlikely to be the only one. Hedge fund manager Anthony Scaramucci predicts that the Federal Reserve will cut rates by at least 150 basis points over the next 18 months, which will be very favorable for asset prices in the United States and globally. He also added that Bitcoin could rise to $100,000 by the end of the year. However, some experts hold a different view, arguing that a dollar rate cut could lead to a massive shift of funds to the yen market for carry trade, which would be unfavorable for the cryptocurrency market.

 

However, there is a widely accepted view on investing in cryptocurrencies, which is that investing in cryptocurrencies, especially Bitcoin, is a value investment and deserves long-term attention and a bullish outlook. Many experts and celebrities have continuously predicted in 2024 that BTC will break through $300,000 or even $1 million in the coming years. Therefore, the fluctuations we see now are negligible, and $62,000 is still a good entry point. In the future development, with the decentralization of global finance, experts like Arthur Hayes have predicted that the era of central banks may be coming to an end, and cryptocurrencies will become the only global risk-aversion tool that can be transferred worldwide, its financial status is self-evident.

 

My fellow, if you are full of confidence in Bitcoin, like SC MINER, don’t forget that mining is almost the only way to buy Bitcoin at a low price. Welcome to inquire about various models of BTC ASICs from us. We are currently selling various energy-efficient and priced professional miners such as the ANTMINER S21 series and WHATSMINER M50 worldwide. Please contact us to get the most suitable mining solution for you!

 

Finally, SC MINER would like to remind everyone that all investments carry risks, so decisions should be made cautiously.

 

SC MINER is the world’s most renowned international mining equipment trader and a core agent for manufacturers such as Bitmain and Goldshell, with the advantage of priority sales. SC MINER’s sales team has been serving miners in dozens of countries globally since 2017, with ample experience and outstanding integrity to maximize your value!

Scroll to Top