Bitcoin price attempts to turn the tide after Feds 0.5% rate cut
Bitcoin price rallies to $61,000 after the US Federal Reserve cuts rates by 50 basis points for the first time since 2020.
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Bitcoin price rallies to $61,000 after the US Federal Reserve cuts rates by 50 basis points for the first time since 2020.
The Fed is expected to deliver its first interest rate cut since the pandemic, which could introduce more volatility before the next Bitcoin leg up.
The positive correlation between the ETH/BTC pair and the US Dollar Index has strengthened ahead of the Federal Reserves September rate decision.
The Federal Reserve is expected to begin lowering its benchmark interest rate in September.
Interest rate cuts, increases in the M2 money supply, structural deficits, and geopolitical tensions typically drive Bitcoin's price higher.
Bitcoin is down 10% after reaching its all-time high price of $108,135 on Dec. 17.
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