Bitcoin Surges Over $64,000 to High of $64,300 Following Fed's 50 Basis Points Rate Cut

Sep 23, 2024, 03:12 AM

Bitcoin's price has surged to over $64,000, marking a significant increase following the U.S. Federal Reserve's decision to cut interest rates by 50 basis points. The cryptocurrency saw a rise of more than 6% this week, reaching a high of $64,300. Ethereum also experienced a notable increase, sitting at $2,557 after a 5.58% rise over the past seven days. Analysts, however, caution that Bitcoin's bullish momentum may face resistance around the $64,000-$65,000 zone, potentially leading to a pullback. The recent surge is attributed to a repricing of growth and inflation risks in the market.