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JUST IN: Federal Reserve Cuts Interest Rates. Will Bitcoin Price React?

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  • Alex Dovbnya
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    Will the third rate cut by the US Federal Reserve in 2019 affect the price of Bitcoin?

JUST IN: Federal Reserve Cuts Interest Rates. Will Bitcoin Price React?
Cover image via u.today

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. 

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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. 

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.

Bitcoin Price
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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.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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