Bitcoin Price Reaches Three-Week High Following Fed’s Rate Cut: News of September 19, 2024
Bitcoin surged to $62,600 after the Federal Reserve announced a 0.5% rate cut, marking the third such event in history. Short positions across exchanges were liquidated, with $128M in total losses.
BTC price sees three-week highs as Fed cuts big
Data from Cointelegraph Markets Pro and TradingView followed continued Bitcoin BTC tickers down $62,919 price strength during the Asia trading session.
Local highs of $62,600 followed the Fed’s move, which was only the third time in history that a rate-cutting cycle had begun with a 0.5% reduction.
These, in turn, liquidated short BTC positions across exchange order books. Data from monitoring resource CoinGlass put the total for the 24 hours to the time of writing at $128 million.
“Now we need to reduce leverage or take profits,” it told followers on X in a subsequent analysis, warning them not to “get carried away.”
Donald Trump Buys Burgers with Bitcoin in NYC, Calls It a Historic First for US Presidents
Former US President Donald Trump recently made headlines when he purchased burgers using Bitcoin at PubKey, a bar in Greenwich Village, New York City. Trump claimed this was the historic first time any US president had used cryptocurrency for a transaction.
The event, held before a campaign rally, highlights Trump’s recent shift toward embracing digital assets as part of his 2024 campaign strategy.
BlackRock Says Clients Are Buying Bitcoin to Hedge Against US Debt Crisis
The United States is currently $35 trillion in debt, with an official annual budget deficit of $2 trillion, according to US Debt Clock. Both Republican Senator Cynthia Lummis and ex-President Donald Trump have recommended using Bitcoin to help clear the national debt by establishing a strategic Bitcoin stockpile of 1 million BTC.
The report’s authors described Bitcoin as a “non-sovereign monetary alternative” that is largely detached from both “banking system crises, sovereign debt crises, currency debasement,” and “geopolitical disruption.” In the long run, they see Bitcoin’s adoption rising in proportion to concerns over these crisis events.
At the moment, BlackRock says Bitcoin is still a “risky” asset due to regulatory changes and its status as an emerging technology. These risks, however, are not shared with other investment classes, according to the asset manager.
“Simple ‘risk-on’ versus ‘risk-off’ frameworks lack the nuance to be broadly useful,” BlackRock analysts wrote.
Fintech Giant Revolut Said to Be Planning Stablecoin
London-based fintech Revolut plans to launch its own stablecoin, according to sources. The company, valued at $45 billion and recently granted a U.K. banking license, aims to expand its crypto offerings while prioritizing compliance. Revolut's spokesperson emphasized their mission to provide safe and accessible crypto services. The stablecoin market, led by Tether and Circle, has attracted new entrants, including PayPal and Ripple. Revolut has been active in crypto trading for years and launched a dedicated exchange in May.
POPCAT up 25%, leads gains in top memecoins
POPCAT surged 25% today, claiming the top spot among the biggest movers in the market. Meanwhile, Sui and Sei both posted impressive 20% gains, continuing their upward momentum. Bitcoin also crossed the $62,000 mark, adding to the positive sentiment. According to crypto analyst TylerD, these moves highlight a strong day across the digital asset space.
