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Bitget Research Institute: Fed Announced 50bp Rate Cut Yesterday, Shanzhai Coin Push Up Market Short-Term Sentiment Improves

Bitget2024/09/19 08:38

Bitget Research Institute released a research report that the Federal Reserve held a FOMC meeting in the early hours of Thursday morning Beijing time, and lowered the federal interest rate by 50 bp to 4.75%-5.00%, officially opening the interest rate reduction cycle. The feedback from the market was more pronounced, with Bitcoin stabilizing at $61,000 and other cryptocurrency sectors becoming active.
In terms of ETFs, the Bitcoin ETF had a net outflow of $52.7 million yesterday and the Ether ETF had a net outflow of $9.8 million yesterday. As can be seen from the ETF funding side, ETF traders were mainly adopting a risk aversion strategy yesterday and did not actively and aggressively trade the rate cuts.
In terms of crypto ecosystem, the collective rebound of the public chain sector was obvious, and some of the public chain tokens that will be unlocked soon all rose. Along with the 50bp interest rate cut, the market sentiment is gradually warming up, and traders are actively participating. For more, please check the original report.https://www.bitget.com/zh-CN/news/detail/12560604216806

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