Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
The U.S. Federal Reserve lowered its benchmark fed funds rate by 50 basis points to 4.75%-5% on Wednesday, marking the first rate cut in four years after the central bank's most aggressive hiking cycle.
Fed members expect median benchmark rates to come down to 4.4% by year-end, reflecting some 50 bps more cuts in the next two Federal Open Market Committee meetings, according to the Fed's quarterly economic projection. That's up from only one cutshot up 1.2% to $61,000 before paring gains. The largest cryptocurrency is down 0.5% over the past 24 hours. U.S. equities also jumped higher, with the tech-heavy Nasdaq up 0.8% and the S&P 500 gaining 0.6%. Gold surged 0.
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