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BTC/USD: Bitcoin Tops $64,000 as Bigger Interest Rate Cut Excites Crypto Traders

Key points:
  • Bitcoin prices turn up.
  • OG coin breaks above $64,000.
  • Crypto traders price in rate cut.
Illustration by TradingView

Crypto found new strength after Jay Powell kicked off the rate-cutting cycle. Ether crossed $2,550.

  • Bitcoin prices BTCUSD rallied to $64,000 per coin early Friday with emboldened crypto traders betting their cash on fresh upside for the OG token. In the aftermath of the Federal Reserve’s interest-rate cut, digital assets rose broadly thanks to brighter prospects for growth now that money is easier to get amid lower borrowing costs. Naturally, the megacap assets led the charge — BTC is up 12% in the past four trading days.
  • Ethereum was seen conquering highs, too. The second-largest digital currency (acting more as groundworks for apps) advanced 14% in the past four trading sessions to float at Friday-morning levels of $2,550 to $2,600. Moods changed on Wednesday when the US central bank, headed by Jay Powell, decided to trim interest rates by the bigger option of 50 basis points.
  • The news sparked a delayed rally across global markets, with crypto in the mix as well. What’s more, it strengthened the long-term outlook for the novel asset class. Bitcoin is up 44% year-to-date, eclipsing returns by other huge players out there — the S&P 500 is up by roughly 20% and gold has added 25% over the same time span.

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