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From: Julius Wong	9/21/2024 7:49:06 AM
	1 Recommendation of 8258

Bitcoin on track to rise on weekly basis as Fed delivers jumbo rate cut Sep. 20, 2024 3:12 PM ET By: Sinchita Mitra, SA News Editor peterschreiber.media/iStock via Getty Images Bitcoin ( BTC-USD) is set to rise 3.8% on a weekly basis, in a period that saw the Federal Reserve deliver a supersized rate cut. The cryptocurrency has been largely on an upward trajectory since the start of the week, amid a risk-on sentiment among investors. "The recent Fed rate cut has greatly elevated investors’ risk-on sentiment. We have seen a jump in Bitcoin’s price and an overall rally in the crypto market as a result," Augustine Fan, Head of Insights, SOFA.org said. The world's oldest digital currency touched the $60K mark on Tuesday, jumping to a three-week-high, and has since largely climbed up for the rest of the week. Bitcoin ( BTC-USD) and other major cryptocurrencies jumped in Thursday morning trading after the Fed delivered its first interest-rate cut since the onset of the pandemic and signaled further policy easing as the year draws to a close. BTC hovered near the $64K mark on the day. The swings came after the U.S. central bank cut rates by 50 basis points and signaled another 50 bps of easing by the end of the year. Lower borrowing costs are generally positive for cryptos because they can reduce the appeal of traditional savings and investment vehicles, leading investors to seek higher returns in riskier asset classes like crypto. BTC recovered 60k on the back of the strong equity move, with a strong performance in altcoins as a sign of an overall boost in risk sentiment, Fan added.

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