CandleFocus Bitcoin dips below $61K despite Fed's dovish stance
2024-10-09
Author: Content Editor
Bitcoin (BTC) saw a drop in price, falling below $61,000, despite the Federal Reserve expressing a dovish stance in its recent FOMC minutes. The minutes revealed that a majority of participants supported a 50 basis point reduction in US interest rates this year. Other major cryptocurrencies also experienced subdued price action, with Ethereum (ETH), Solana (SOL), and BNB Coin (BNB) all seeing declines. While US equities reacted positively to the minutes, the crypto market remains disconnected, possibly due to the differing impacts of rate cuts on cash flows and mature corporate debt markets. Traders are awaiting US economic data before making further moves. At the time of writing, Bitcoin is ranked #1 by market cap, with a market capitalization of $1.21 trillion.
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