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Bitcoin and cryptocurrencies decline after US rate cut

2019-09-19 01:41 pm | Resource: | No Views : 39

Bitcoin and cryptocurrencies decline after US rate cut Bitcoin fell below $ 10,000 on Thursday after the Federal Reserve cut its lending rates by 25 basis points. Bitcoin hit a new session low towards $ 9585.86 on the San Francisco-based Coinbase. The pair's weekly loss was 7 per cent.

Bitcoin is now waiting for weaker purchasing power in US dollars - and the loss of almost all other paper currencies due to central bank dovish policies. The dollar rose shortly after the Federal Reserve announced a rate cut as investors expected a tighter response. However, the dollar was slightly weaker on Thursday after the European open.

Falcons control the Fed bad for Bitcoin

This landing has occurred despite the presence of so-called bullish catalysts, particularly recent drone attacks on oil production facilities in Saudi Arabia, which have choked the world's oil supply by 5 per cent. The recent rate cut announcement and its immediate impact on Bitcoin currencies reminds us of how investors do not treat Bitcoin as a safe haven asset in times of macroeconomic and geopolitical crisis.

However, bulls see bitcoin rising to new record highs in the coming times. According to Arthur Hayes, CEO and co-founder of the controversial crypto-derivatives exchange, BitMEX, Bitcoin will rise to $ 20,000 after taking confidence from the Federal Reserve.

 The Fed is not in a mood to deepen its interest rate

The less intriguing call from the Federal Reserve sent US stocks on a steady path.
  • The benchmark S&P 500 closed moderately higher on Wednesday. On the other hand.
  • Index futures were pointing to a 0.17 percent decline when the market opened.

Cryptocurrency trades
  •  Today we are seeing Bitcoin currencies dropping 2.80% to $ 9899.800 at 11:21 CET.
  • Ethereum and XRP also decreased about 2%. To trade at $ 206.874 and $ 0.29006 respectively

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