On September 19th, the volatility of Bitcoin increased, with an initial increase of about 2%. At 2 am, there was a "plunge" that wiped out the gains before rebounding again. As of press time, Bitcoin was reported at $62493.3, up 3.74%.
The trend of Bitcoin is like a roller coaster, according to Colinglass data, 67405 people sold out in 24 hours, and $198 million (about RMB 1.4 billion) evaporated.
Since reaching a record high of nearly $74000 in March, Bitcoin has been fluctuating within a relatively narrow range.
Flowdesk US off exchange trader Karim Dandashy said, "After weeks of sideways jumps between 25 and 50 basis points, the market is taking a breather and knee jerk reactions are increasing
According to CCTV News, after a two-day monetary policy meeting, the Federal Reserve announced on September 18th local time that it would lower its target range for the federal funds rate by 50 basis points to a level between 4.75% and 5.00%. This is the first interest rate cut by the Federal Reserve since March 2020, and also marks the shift of monetary policy from a tightening cycle to an easing cycle.
At a press conference held after the meeting, Federal Reserve Chairman Powell stated that a 50 basis point rate cut is a "strong action," while also stating that the Fed does not believe that the "rate cut action is slow," but rather sees it as a "timely measure.
Hedge fund manager Anthony Scaramucci predicts that Bitcoin will reach a new high, driven by the Federal Reserve's interest rate cuts and the clarity of cryptocurrency regulation in the United States after the November presidential election. In the first phase of the next congressional term in the United States, we will see legislation favorable to cryptocurrencies, Bitcoin, and stablecoins, "the founder of SkyBridge Capital LLC said on September 18th.
At the same time, we also encountered a rate cut by the Federal Reserve, "Scaramucci said, preferring bipartisan legislation supported by both Republicans and Democrats. In the fierce competition with Vice President Kamala Harris for the White House position, Republican presidential candidate Trump has turned to supporting cryptocurrency to compete for donations and votes. Harris' position on digital assets is not very clear. Scaramucci stated that the Federal Reserve will cut interest rates by at least 150 basis points in the next 18 months. This will be very beneficial for asset prices in the United States and globally, "he added, adding that Bitcoin could rise to $100000 by the end of the year. He made the above comments during a conference in Singapore.