Bitcoin's price has surged to $61,000 following a significant move by the U.S. Federal Reserve to slash interest rates by 50 basis points. This marks the first interest rate cut in four years, indicating an aggressive start to its easing campaign.
The Federal Reserve's decision to reduce its benchmark interest rate by 50 basis points has impacted the financial markets, including the cryptocurrency sector. Bitcoin, often seen as a hedge against traditional financial instability, has benefited from this economic shift.
The Federal Reserve also revealed plans for another rate cut by December, which could further influence financial markets. This move has been closely watched by the cryptocurrency community, which is attentive to how such macroeconomic changes affect digital asset prices.
