Bitcoin hits fresh record high above $76,900 following Trump's win and Fed's rate cut
Donald Trump's historic US presidential election victory and the Federal Reserve's 25 basis point interest rate cut.
The largest cryptocurrency by market value reached $76,943 in early trade on Friday, surpassing its previous high of $76,460. As of 11:46 am IST, Bitcoin was trading 1.9% higher at $76,043, while Ethereum rose 3.5% to $2,922.
The Federal Reserve cut interest rates by a quarter of a percentage point on Thursday as policymakers took note of a job market that has “generally eased” while inflation continues to move towards the US central bank's 2% target.
«Economic activity has continued to expand at a solid pace,» the central bank's rate-setting Federal Open Market Committee said at the end of a two-day policy meeting where officials lowered the benchmark overnight interest rate to the 4.50%-4.75% range, as widely expected. The decision was unanimous.
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View Details»Balaji Srihari, Business Head of CoinSwitch, remarked, “Bitcoin reached a new all-time high following the US election and Trump’s victory, a trend further fueled by the Federal
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