Fed Rate Cut Fuels Bitcoin Rally, Wipes Out Short Positions
The 50bps rate cut decision by the Federal Reserve comes after it had hiked rates to a 23-year high in 2022 on the back of extended increases. Ordinarily, such a pivot in monetary policy has been seen as a signal of goodwill toward riskier assets, such as cryptocurrencies and tech stocks, which do well in a low-interest-rate environment.