The US Federal Reserve has once again lowered interest rates by a quarter of a percentage, CNBC reports.
However, the Fed also hinted at postponing further reductions, which might disappoint President Donald Trump who earlier slammed the central bank for cutting rates way too slowly.
Crypto trader Luke Martin said that he was going to watch whether the Bitcoin price would react to the new rate cut in the short-term.
Will today's rate decision & speech affect Bitcoin in the short term?— Luke Martin (@VentureCoinist) October 30, 2019
*yes it's only one event but it's always interesting to watch to continue monitoring whether $BTC begins reacting to news events* pic.twitter.com/VAduExCSMv
However, Bitcoin hasn't been affected by the news so far with its price sitting slightly above the $9,100 level at the time of writing, CoinStats data shows.
Meanwhile, the S&P 500 index has turned green immediately after the announcement.
As reported by U.Today, the BTC surged by more than 40 percent after Chinese President Xi Jinping embraced the Blockchain technology, but many doubt whether this particular news was able to cause such a pump.
Unlike traditional asset, Bitcoin's price moves are highly unpredictable due to the relatively small size of the market.
Crypto critic Peter Schiff recently slammed BTC for market manipulations that allegedly triggered the enormous price spike.