The price of Bitcoin Today 08/11/2024 is showing a significant rise, with the asset remaining stable above the $76 zone with an increase of more than 1% compared to the previous day. The cryptocurrency market is registering several price explosions today after the US Federal Reserve (Fed) to cut interest rates by 25 basis points. Currently, the largest cryptocurrency is trading around $76,190 with a daily increase of 2% in the last 24 hours.
In a historic milestone for the cryptocurrency market, Bitcoin (BTC) recently broke the $76,000 barrier, reaching a new record high of $76,872.61 yesterday. In seven days, the asset has grown by 9.0%, driven by Donald Trump’s victory and the recent interest rate cut, two important factors for the current rally in the market.
At the time of publication, the price of Bitcoin was quoted at US$ 76,195.49 with an increase of 1.8% in the last 24 hours, equivalent to approximately R$ 433,613.13 BRL and € 70,512.13 EUR.
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Source: TradingView
Similarly, following Bitcoin’s recent development, most major cryptocurrencies are seeing significant price gains in the last 24 hours. Ethereum is trading at $2,921.94 with a 3.8% increase in its price. XRP is trading at $0.5512 with a 0.4% increase. Cardano is currently trading at $0.4335 after rising 17% in the last day. Solana is currently up 8.8% and is trading at $203.75.
Amid the current scenario, the cryptocurrency Grass (GRASS) is attracting attention due to its considerable price increase in recent days. The asset is currently registering the highest increase among the top 100 cryptocurrencies in the market with a 40% increase in 24 hours and trading at US$ 3.70.
US Fed cuts interest rates by 25 basis points
The U.S. Federal Reserve (Fed) announced on November 7 its decision to cut interest rates by 25 basis points. The move follows a 50 basis point cut that was made in September.
As many market experts predicted, the Federal Open Market Committee (FOMC) cut the federal funds benchmark interest rate to a range between 4.50% and 4.75%.
“In support of its goals, the Committee decided to lower the target range for the federal funds rate by a quarter of a percentage point to 1% to 4%,” the central bank said in a statement. “Recent indicators suggest that economic activity has continued to expand at a solid pace. Inflation has progressed toward the Committee’s 4.50% objective but remains somewhat elevated.”
Bitcoin’s price reacted immediately after the Fed’s announcement, showing significant appreciation.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Tags: Bitcoin (BTC) Cryptos