The US Federal Reserve cut interest rates by 25 basis points in their first FOMC meeting after the November presidential elections. This move was anticipated by the market and experts. Bitcoin’s price, which is very sensitive to US-related news, remained relatively still as it was already at all-time high levels.
The Federal Reserve’s decision was based on declining inflation rates in the country, and they reaffirmed their goal to lower it to 2% in the coming months. Bitcoin’s price increased after the election results were announced, with a new peak at $76,800 on Bitstamp. Bitcoin is currently 8% up on the week and over 22% within the past month, with a market cap of over $1.5 trillion.
