Crypto Markets Fail To Surge Following Fed Rate Cut Announcement
Crypto markets failed to surge following the Fed rate cut announcement.
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Crypto markets failed to rally on Wednesday, September 17 after Federal Reserve policymakers cut benchmark rates for the first time since December.
Bitcoin, the world’s largest digital currency by total market value, was trading between $115,000 and $116,000 when the Federal Open Market Committee released a statement at 2 p.m. EST announcing that it was lowering the target range for the federal funds rate to 400 to 425 basis points, according to Coinbase data.
Over the next several hours, the price of this digital assets moved little, falling below $115,000 and then rising to roughly $117,000 around 7 p.m. EST, additional Coinbase figures reveal.
Ether, the…
