By Admin 
Bitcoin price today: The US Federal Reserve on Wednesday night cut interest rates by 25 basis points. Due to this, on Thursday, September 18, the price of bitcoin gained momentum. The world’s largest cryptocurrency bitcoin has crossed the level of 1,18,000, gaining the lead today. Due to this rapid bounce in bitcoin and other crypto tokens, the valuation of the crypto market has increased by 2 percent.
As already estimated that the American Federal Reserve could deduct 25 basis points in interest rates. Along with this, the possibility of further cuts in interest rates by the end of the year has also intensified. The specific reason for the recent boom is the increase in investment in ETF, which got the support of increasing institutional demand and fed rate cut. Overall, the trust of traders and long term investors seems to be increasing.
Fed rate cut impact on crypto market
According to The Mint’s report, PI42 co-founder and CEO Avinash Shekhar said, “Crypto is digesting the cut of 25 basis points of Fed with surprising stability. Even after the initial fluctuations, bitcoin was seen moving upwards. Businessmen are divided- while some argue that the impact of interest rate cuts was already included in the price. If the Catalists came together, Bitcoin would have crossed the $ 120,000 level. ”Here, the Etherium still remains stable after the FOMC meeting. On Thursday, it crossed the $ 4,600 level with a gain of about 2 percent.
Etherium became strong
Shekhar further said, “Meanwhile, the ethrium is showing a boom as the Bulls Keer is eyeing the new record high. While the XRP is also expected to approve the ETF, which can bring its target price to a target of $ 3.66.” Other altcoins like XRP and Dogecoin also saw a strong response after the announcement, indicating that the capital rotation is taking place in the market.
What will happen in the coming time?
According to Avinash Shekhar of PI42, the crypto market is trading with vigilance despite the interest rate cuts. He said, “Overall, the market is trading with vigilance. The market is making a balance between macro policy signals and sector-specific optimism. Now it is to see whether investors in the upcoming sessions will give any response to Powell’s comments. Investors are now sight of the signs of the meeting to be held in October to assess whether it is a sign of a big policy change or just an adjoining.
Also read:
This is 1 hour in Diwali, it is very auspicious … Investment made during this time can make a rich! Learn why Muhurta is so special?