For the first time in 4 years, Fed cut the rates for the first time in 4 years, which lead to a notable surge in cryptocurrency prices.
At the time of writing, Bitcoin surged to $63,000 after a 5.4% surge in the past 24 hours, and has a trading volume of around $48 billion. The market cap reached $1.47 trillion.
The 1-day technical analysis from TradingView shows a rather bullish sentiment – the summary shows “buy” at 14, the moving averages point to “strong buy” at 13, and oscillators are “neutral” at 8.
The biggest gainer in the past 24 hours is the memecoin Popcat after a 35% surge.
The total crypto market cap soared 4.83%, reaching $2.16 trillion and the 24-hour trading volume surged by 23.5%.
According to data from CoinGlass, during the past day $200.97 million were liquidated from the market – $54.37 million in longs and $146.6 shorts.
Commerzbank, one of Germany’s largest financial institutions, is making a significant move into cryptocurrency by offering Bitcoin and Ethereum trading services to its corporate clients.
Donald Trump, the Republican presidential nominee, made headlines by becoming the first former U.S. president to make a Bitcoin transaction.
Under President Nayib Bukele, El Salvador remains committed to its daily Bitcoin acquisition strategy, currently holding assets worth approximately $354.6 million.
After the long-awaited rate cut by the Federal Reserve, the crypto market started showing signs of recovery.