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Bitcoin Surges to $63,227 After Fed’s Rate Cut Boosts Crypto Market

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Pooja Chauhan
Pooja Chauhan
Pooja Chauhan: Your Source for Entertainment and Box Office News Pooja Chauhan is a passionate writer and dedicated journalist specializing in delivering the latest updates and insights from the world of entertainment and box office. With a keen eye for detail and a deep love for cinema, Pooja brings her readers accurate and engaging coverage of all things related to movies, celebrities, and the dynamic world of showbiz. Her commitment to keeping her audience well-informed and entertained makes her a valuable voice in the realm of entertainment journalism. When she's not busy uncovering the latest scoops, Pooja enjoys exploring classic films and indulging in creative writing." Contact us: admin@bollywoodfever.co.in

Bitcoin reaches $63,227 following the U.S. Federal Reserve’s decision to cut interest rates by 50 basis points, fueling a 5% rise in the crypto market. Learn more about the surge and market trends.

Bollywoodfever: Bitcoin soared to an intraday high of $63,227 on Thursday after the U.S. Federal Reserve lowered the benchmark interest rate by 50 basis points. 

This decision, announced the day before, spurred a 5% rally across the entire cryptocurrency market, bringing the total crypto market valuation to $2.17 trillion. 

Bitcoin’s price jumped from a low of $59,212, with the leading cryptocurrency gaining 5% over the past 24 hours and 8.3% over the last week. 

As of Thursday morning, Bitcoin was priced at $63,102 per coin, with a market cap of $1.24 trillion, representing 57% of the total crypto economy.

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Recent data from cryptoquant.com revealed a premium emerging on the U.S. exchange Coinbase, although the premium on South Korean platforms like Upbit and Bithumb has eased to around 1%. 

Bitcoin’s upward momentum resulted in the liquidation of $201 million in derivatives positions, with $146.71 million in short positions, including $69.47 million in BTC short liquidations.

This surge follows the Federal Reserve’s move to cut the federal funds rate by 50 basis points, marking the first reduction since March 2020. 

The larger-than-expected rate cut has sparked speculation that an easing cycle is in play, potentially boosting economic growth. In contrast, the Bank of England kept its interest rates steady at 5%.

The broader market responded positively, with U.S. stock futures rising and precious metals like gold and silver also seeing gains

Gold edged up nearly 1%, while silver surged over 3% on Thursday morning (ET). As of 9:50 a.m. ET, Bitcoin was trading just under the $63,000 mark, reflecting the interconnectedness of global markets in response to economic shifts.



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