Fed Cuts Interest Rates by 50 Basis Points, Bitcoin Briefly Hits $61K Before Selloff

In
the
minutes
following
the
FOMC
decision,
the
price
of
bitcoin

(BTC)
shot
up
1.2%
to
$61,000,
then
fell
below
$60,000,
mostly
flat
over
the
past
24
hours.
U.S.
equities
erased
all
their
early
gains
on
the
Fed
decision,
with
the
tech-heavy
Nasdaq
100
and
the
S&P
500
closing
the
session
lower
by
0.3%.
Gold
first
surged
to
hit
a
new
all-time
high
over
$2,600,
then
retraced
to
end
the
day
in
the
red.

Meanwhile,
the
U.S.
dollar
index
(DXY)
tumbled
to
100.3,
its
weakest
level
since
July
2023,
then
shot
back
up
to
101.
It’s
a
key
metric
to
watch
for
gauging
risk
asset
prices,
according
to
CoinDesk
analyst
James
Van
Straten.