Bitcoin (BTC) and several other cryptocurrencies rallied briefly on Wednesday after the Federal Open Market Committee (FOMC) released minutes from its July meeting.
The FOMC Minutes from its meeting held in July indicated a rate cut will happen in September. Progress on inflation and increasing unemployment provide reasons to reduce rates by 25 bps Bitcoin jumped more than 3% following the Minutes' release. Ethereum and other altcoins also had their fair share of rise. Bitcoin and several other cryptocurrencies rallied briefly on Wednesday after the Fed eral Open Market Committee released minutes from its July meeting.
Hence, the question among most traders has shifted from whether the Fed will cut rates to how many basis points the agency will reduce rates by. Following the Minutes release, the entire crypto market capitalization jumped by over 2%. Bitcoin, which has struggled around the $59K to $60K range in the past week, jumped over 3% just shy of $62K. Ethereum also rose by over 2% following the report.
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