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

News
Wed, 10/30/2019 - 18:30
Alex Dovbnya

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

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.

image by coinstats.app

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 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, can be contacted at alex.dovbnya@u.today.

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