The US Federal Reserve FOMC announced a 'big cut' for the first time in four and a half years
“100bp interest rate cut within the year”… Concerns about economic recession raised
Risky asset mix… BTC, rising, falling, rising
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The Federal Open Market Committee (FOMC) held on the 18th (local time) announced a 0.5% point interest rate cut. This is the highest rate cut since the 2020 pandemic. The FOMC announced a plan to cut interest rates by about 100bp by the end of the year.
Concerns about an economic downturn began to surface as the Federal Reserve cut interest rates sharply, and various risky assets, including the U.S. and Korean stock markets, began to show mixed performance.
Bitcoin broke through $61,000 at dawn on the 19th after the FOMC announced a rate cut, but continued to fall for about 3 hours, dropping to $59,000. After that, Bitcoin, which had been building a defensive stance at the $59,000 level, began to rise from 8:00 AM, and broke through $62,000 as of 9:00 AM.
Altcoins that have recently fallen sharply have also risen as Bitcoin has risen. The major altcoins are up around 0.5%, while the smaller, “lighter” altcoins are up around 1.5%.
Reporter Kwon Seung-won ksw@
