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Home»Bitcoin»FOMC Meeting: Interest Rate Cut Raises Bitcoin to $76,000 – What Now?
Bitcoin

FOMC Meeting: Interest Rate Cut Raises Bitcoin to $76,000 – What Now?

2024-11-08No Comments3 Mins Read
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  • The FOMC meeting cuts rates for the second time.
  • BTC rose to a new ATH after the news.

The Federal Open Market Committee (FOMC) meeting on November 7 went as many market watchers expected—with a 25 basis point cut in the Fed Funds rate.

This decision caused a surge in the cryptocurrency market, sending Bitcoin into overdrive [BTC] rising to an all-time high of over $76,000, proving once again that when the Fed speaks, Bitcoin listens – and recovers.

Fed chairman answers resignation questions

Remarkably, the FOMC meeting set the target range for the federal funds rate at 4.5%–4.75%. Moreover, it paved the way for Fed Chairman Jerome Powell’s first comments following Donald Trump’s decisive victory in the US presidential election.

When asked at the press conference after the meeting whether he would resign if Trump asked, Powell responded firmly:

“No.”

The chairman also emphasized that the election outcome will not affect the Fed’s short-term policy decisions.

Trump’s criticism of Powell

Powell’s comments came against the backdrop of longstanding tensions with Trump, who has regularly criticized the Fed chairman. After appointing Powell in 2017, the Democrat repeatedly expressed dissatisfaction during his first term, accusing Powell of failing to ease monetary policy at a pace he deemed sufficient.

During the conference, Powell also addressed the question of whether a president has the authority to fire or demote the Fed chairman, stating that such actions:

“Not allowed by law.”

Trump’s economic strategy, which includes promises of aggressive tariffs, tougher immigration policies and extensive tax cuts, has the potential to drive up inflation and push long-term interest rates higher.

See also  Is the Bitcoin Mining Industry Collapsing?

These developments could cause the Fed to reassess its approach to future interest rate adjustments.

Market reaction to the FOMC meeting decision

The latest rate cut of 25 basis points marked the Fed’s second consecutive cut, following a larger cut of half a point in September.

If reported by AMBCrypto, the crypto market reacted positively to the Fed’s first rate cut in four years, leading to a rally in major digital assets.

This time, history repeated itself as Bitcoin’s rise was accompanied by gains in other cryptocurrencies. Particularly Ethereum [ETH] appreciated by 8%, followed by Solana [SOL] with an increase of 6.5%.

Moreover, Cardano [ADA] rose by double digits and posted a gain of 11.1%.

Fed’s 2% inflation target

Despite the political spotlight, the Fed remains committed to its economic goals. AMBCrypto noted that inflation reached 2.1% in September, closer to the Fed’s 2% target.


Read Bitcoin’s [BTC] Price forecast 2024–2025


The latest from the Fed press release highlighted continued solid economic growth and relaxed labor market conditions. Although unemployment had risen, it still remained at a low level.

The next FOMC meeting is scheduled for 40 days from now, where further policy adjustments could be considered based on changing economic conditions.

Previous: Cardano Gains as Whale Transactions Rise: A Look at the Future of ADA

Next: Ethereum: Why this weekend could set the stage for a $3K breakout

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