Bitcoin saw a remarkable 1.55% rise, reaching $60,480.58. The main driver for this increase was the US Federal Reserve's decision to cut interest rates by 0.5% for the first time in four years.
Federal Reserve Rate Cut
Crypto analyst WatcherGuru shared with his followers on X about the US Federal Reserve's decision to cut interest rates by 0.5% for the first time in four years.
Bitcoin Capital Inflow
According to LookonChain, there has been a significant capital inflow into Bitcoin. A total net inflow of 2,695 BTC ($161.29 million) was reported across ten ETFs. Fidelity alone contributed 940 BTC ($56.24 million), increasing its total holdings to 175,865 BTC ($10.52 billion).
Ethereum Outflow
While Bitcoin saw gains, Ethereum faced fund outflows. Nine Ethereum ETFs saw a total net outflow of 4,973 ETH ($11.46 million).
The US Federal Reserve's rate cut significantly impacted the cryptocurrency market. Bitcoin shows positive momentum while Ethereum faces fund outflows.
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