Cryptocurrencies surge after Fed cuts, Bitcoin-related stocks climb
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Odaily Odaily News Cryptocurrency prices rose as part of a general market rebound after the Federal Reserve cut interest rates for the first time in more than four years. According to Coin Metrics data, the price of Bitcoin rose 3.5% to $62,417.48 during the day, after rebounding before the central bank's decision on Wednesday. Bitcoin, like stocks, rose at first but fell back as traders digested the news. Stocks tied to the price of Bitcoin climbed. Bitcoin trading operator Coinbase rose 5%. MicroStrategy, which is widely used as a high-risk investment tool for Bitcoin prices, rose 5%. Yuya Hasegawa, a crypto market analyst at Japanese bitcoin exchange Bitbank, said that the Bank of Japan may keep its policy rate unchanged this time tomorrow, but signs of further rate hikes may boost (the yen) and may trigger a reversal of yen carry trades, which may lead to a sell-off in Japanese stocks and risk aversion may spread to the crypto market. The next possible short-term target is around $65,000. (Jinshi)
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