The US Federal Reserve announced a 25 basis points interest rate cut, signifying a bullish trend as Bitcoin reached a new all-time high. Fed Chair Jerome Powell assured that elections would not disrupt planned rate cuts, aiming to gradually reduce US inflation and maintain high employment levels.
Despite being lower than previous cuts in September, this move remains positive for Bitcoin and the broader crypto industry. Bitcoin's price progression already hit a new high at $76,800, stimulated by prior trends and the election.
General responses within the crypto community were overwhelmingly jubilant, with suggestions that these cuts could potentially propel Bitcoin to $100,000. Some analysts previously forecasted instability if cuts were conservative, yet this notion was addressed by Powell.
Chairman Powell reiterated the Fed's commitment to non-speculative policy decisions, unaffected by the election or other political dynamics, focusing on long-term economic health strategies.
