Crypto Market Reacts to Fed Charge Announcement as Bitcoin Soars Above $64k

An announcement made by the Fed Chair Jerome Powell on Thursday has shaken up the crypto market. In his speech, Powell hinted at an rate of interest lower in September. Every time the Fed declares or hints at rate of interest cuts, the crypto and inventory markets all the time react positively as a result of buyers are all the time pleased, as this may present room for financial progress.

Every time there may be an rate of interest lower, buyers search for a secure haven as this all the time leads to a weaker greenback, and crypto belongings are one of many secure havens they use. No surprise the crypto market has responded sharply.

The crypto market has elevated over 5% up to now 24 hours by rising above $2.22 trillion, and Bitcoin and different cryptos have adopted swimsuit.

Bitcoin hit a excessive of $64,853 yesterday earlier than settling down round $64k on the time of writing this text. It is a 5% enhance for Bitcoin up to now 24 hours and has additionally elevated over 6% towards the US {Dollars} over the previous week.

Ethereum has additionally responded sharply by rising above $2,700, a rise of over 2.8% within the final 24 hours and over 6% enhance up to now week.

Different cash aren’t left alone; among the many high 10 cryptocurrencies, Dogecoin had the best gainer with over 7% enhance, and lots of tokens have additionally skyrocketed.

Only a day earlier than this information, a well-liked crypto analyst, Quinten Francois, posted on X concerning the Bitcoin bull run cycle; he mentioned that we nonetheless have two months away earlier than the bull run will begin, as historic charts present.

Reminder that the typical cycle begins 170 days after the #Bitcoin halving

We’re at the moment at day 121 pic.twitter.com/4hDiLi4jF7

— Quinten | 048.eth (@QuintenFrancois) August 20, 2024

He highlighted that the typical bull cycle begins after 170 days, and we’re at the moment 121 days after the halving in April. Quinten believes that the crypto cycle for this 12 months is about to begin, and the US election will considerably affect the costs of Bitcoin and different cryptocurrencies.