Bitcoin Treads Water After Fed Cut as Altcoin Slump Deepens
The crypto market remained choppy on Friday with bitcoin having spent the past seven days pinned between $88,000 and $94,000 in a week dominated by the Federal Reserve’s decision to cut interest rates by 25 basis points.
Interest-rate reductions are typically seen as bullish catalysts for risk assets like bitcoin as investors are less incentivized to hold fiat currencies like the dollar, thus searching for returns elsewhere.
But neither bitcoin nor the broader crypto market behaved as expected, with BTC tumbling to below $90,000 after the cut before rising back to the upper side of the range. The CoinDesk 20 Index is up 0.57% since midnight UTC.
The altcoin market remains relatively weak as several tokens including
