Bitcoin holds above $60k amid heavy volatility after FOMC confirms 50bp rate cut

Bitcoin’s price remains above $60,000 despite experiencing significant volatility after the Federal Open Market Committee (FOMC) confirmed a 50 basis point rate cut. This decision, which was expected by many, follows a period of restrictive monetary policy by the Fed. It aligns with similar actions taken by other central banks worldwide in response to easing inflation pressures. Initially, Bitcoin surged above $61,000 after the announcement but quickly reversed course, dropping below $60,000. However, it found support and rebounded, currently trading at around $60,469. While Bitcoin has entered a more stable phase, analysts anticipate continued volatility in the coming days as the market digests the long-term implications of the rate cut. Altcoins, on the other hand, struggled throughout the day, with most experiencing losses before recovering after the FOMC meeting. Ethereum traded below $2,300 before attempting a recovery, while BNB and Solana saw modest gains. XRP and Dogecoin experienced slight declines, while TON showed significant growth. Tron, Cardano, and Avalanche also had minor fluctuations in their prices.