The U.S. central bank's interest rate reduction signals economic concerns, with Bitcoin and major cryptocurrencies trading flat in response.
The U.S. Federal Reserve cut the federal funds rate by 0.25% amid growing economic uncertainty, including a downward revision in employment data. Bitcoin traded flat, just above $116,000, as the market had likely priced in the anticipated move. Ethereum followed a similar trend. Despite the rate cut, analysts believe markets are awaiting further clarity from Fed Chair Jerome Powell’s post-announcement statements. Other assets like gold rose as economic tensions persisted.