Bitcoin is on a roll, hitting a new all-time high of $77,239.75 on Friday. This surge comes just one day after the US Federal Reserve decided to lower interest rates again.
Fed Cuts Rates to Boost Economy
The Federal Reserve, the US central bank, voted to cut interest rates by a quarter of a percentage point. This is the second rate cut in a row, following a bigger cut in September.
The Fed’s goal is to keep the economy strong and help bring inflation down. While inflation has dropped from a peak of 7% to 2.1%, the Fed wants to see it reach 2%.
Bitcoin Benefits From Fed Action
Bitcoin’s price has been on an upward trend since former US President Donald Trump won the election. Trump campaigned on a pro-crypto agenda, which has boosted confidence in the cryptocurrency market.
It’s important to remember that investing in cryptocurrencies is risky. Always do your own research before making any investment decisions.
