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    Bitcoin nears $77K as US Federal Reserve cuts interest rates

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    30s Summary

    Bitcoin’s price approached $77K following the US Federal Reserve’s decision to cut interest rates by a projected 0.25%. The cryptocurrency’s value increase came after Wall Street trading hours. Markets expect another 0.25% cut at the Fed’s next meeting in mid-December. Bitcoin achieved its highest-ever daily close despite economic influences, and CoinGlass advised caution in this scenario due to overheating from large BTC trades. It is pivotal to research and deliberate before making investment choices.

    Full Article

    Bitcoin (BTC) was around $76,000 on Nov. 8 as a bunch of high stake trades surrounded the current price.

    Bitcoin got a boost towards $77K due to Federal Reserve’s decision to cut interest rates. Info from Cointelegraph Markets Pro and TradingView showed a slight increase in Bitcoin’s price value after the end of the day. The boost in BTC value came soon after Wall Street trading hours, reaching almost $77,000 on Bitstamp.

    The U.S. Federal Reserve decreased interest rates by a predicted 0.25%. After the Federal Open Market Committee (FOMC) meeting, Fed chair Jerome Powell announced that factors affecting inflation and employment were “pretty balanced.” Powell stated that economic activity continued to surge solidly, labour market conditions have somewhat eased and the unemployment rate remains low.

    As Cointelegraph noted, markets were clear about the Fed’s action. On Nov. 8, data showed that most people expected a further 0.25% cut at the next FOMC meeting in mid-December. Trading resource The Kobeissi Letter discussed that if long-term inflation trends increased, the Fed’s rate cut might be at risk. However, as the current rate stands at 2.1%, it remains a big “IF” situation.

    Bitcoin, on the other hand, didn’t seem bothered by these complex economy stuff as it set a new record and its highest-ever daily close. CoinGlass data showed that liquidity is building heavily on both sides of the current price. CoinGlass suggested that not trading might be the “best strategy” in this setting. Large amounts of BTC being traded was making the market overheated, leading to a potential correction, according to popular trading account CryptoMutant.

    Remember to do your own research and think carefully when making investment decisions.

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