This is a different trend from the decline in the stock market in the United States, where the stock market fell slightly immediately after the interest rate cut was announced, but quickly recovered the losses.
At 11:05 a.m. on the 19th, the price of Bitcoin rose 2.98% from the same time the previous day to $61,882 (approx.
The FRB decided on the 18th (local time) to make a "big cut" to lower the base interest rate by 0.50%.
The rate will be lowered from the current 5.25% to 5.50% to 4.75% to 5.00%. This is the first "pivot" in four years and six months.
This is a policy shift, and the interest rate fluctuation band of 0.5 percentage points is the largest since the global financial crisis of 2008.
However, Fed Chairman Jerome Powell indicated that he would not rush to cut interest rates going forward. "A 50 basis point cut should not be considered a new pace of interest rate cuts," Powell said.
"It's not something I can do," he said, "It will move faster or slower based on the data." The stock market responded with disappointment, with the New York Stock Exchange falling.
However, Bitcoin rose. The interest rate cut was expected to attract funds into risk assets, and Bitcoin, a representative risk asset,
This is interpreted as a rise in prices. However, some believe that this "Fed effect" will be short-lived. Singapore trading company QCP Capital
"The market direction after the Federal Open Market Committee (FOMC) remains unclear," he said. "Based on Chairman Powell's comments at the press conference, we expect the market to be volatile in the coming weeks."
"I will," he said.
2024/09/19 14:05 KST
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