Bitcoin Jumps to $63,000 After Fed Cuts Rates for the First Time in 4 Years

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.

READ MORE:

Here is How Much Bitcoin El Salvador Owns

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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.