"US Fed Rate Cut, Dollar Value Falls, BTC Rise"
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Siegel emphasized the decline in the value of traditional currencies and the liquidity supply in the cryptocurrency market due to the interest rate cut by the U.S. Federal Reserve (Fed). He pointed out that Bitcoin has a close relationship with the money supply.
“Bitcoin has always had an inverse relationship with the value of the dollar,” said Siegel. “As the Fed continues to cut interest rates, the value of the dollar will decline in the fourth quarter of this year, and Bitcoin will perform well.”
In fact, the Fed announced a rate cut of about 50bp after the Federal Open Market Committee (FOMC) held on the 8th (local time), and Bitcoin broke through $63,000 on the 19th. Bitcoin showed its best performance in November, and Bitcoin's average return in November was about 37.9%.
Reporter Kwon Seung-won ksw@
