Summary:
Bitcoin price surges to $63,125 after Fed's 50 basis points cut.
Ethereum sees a 6% increase despite cashing out from ETFs.
Donald Trump launches World Liberty Financial, a new DeFi project.
MicroStrategy adds $458.2 million in Bitcoin to its holdings.
Avalanche is this week’s winner with an 11% increase.
Bitcoin shot up this week following long-expected cuts from the Federal Reserve on Wednesday. The biggest digital coin is now priced at $63,125 per coin, marking a more than 5% rise over the past week according to CoinGecko.
The price jump came after Jerome Powell announced a 50 basis points cut—larger than the anticipated 25 basis points. The Fed had previously hiked interest rates to a two-decade high in 2022 to combat inflation, and investors were eagerly awaiting this cut. Following the announcement, traders flocked back to riskier assets like stocks and crypto, which tend to perform better in a low-interest-rate environment.
Despite the surge, Bitcoin still has a way to go before reaching its all-time high of $73,737 set last March.
Ethereum, the second-largest cryptocurrency by market cap, also saw an increase of nearly 6% over the past week, even as investors continued to cash out of the newly-approved exchange-traded funds (ETFs).
In other news, Donald Trump has officially launched his crypto project. In a live interview, the Republican presidential candidate announced the World Liberty Financial project, a decentralized finance (DeFi) initiative that will offer borrowing and lending services for cryptocurrencies on the Ethereum network.
Meanwhile, MicroStrategy has continued to buy Bitcoin, adding another $458.2 million to its balance sheet. A judge also dismissed Consensys’ lawsuit against the U.S. Securities and Exchange Commission (SEC).
Among the top coins, Solana has surged by 8%, now priced at $147.69, while Avalanche is this week’s standout performer, jumping 11% to $27.57.
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