Bitcoin Holds Above $76,000 as Fed Cuts Rates Again

On November 7, the United States Federal Reserve reduced the target range for the federal funds rate by 25 basis points to 4.5-4.75% per annum. This marks the second such move following a 0.5% cut in September.

The decision aligned with market expectations and the consensus forecast of analysts.

“The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run. In its assessment, the risks to achieving these goals are roughly balanced. The economic situation remains uncertain, and the Committee is closely monitoring risks that could affect both aspects,” the press release states.

Following the Fed’s decision, the leading cryptocurrency maintained its position above $76,000.

Leading altcoins remain stable after significant growth in recent days:

At the time of writing, the cryptocurrency market capitalization stands at $2.68 trillion.

The future trajectory of risk assets in general, and cryptocurrencies in particular, depends on the tone of comments from Fed Chair Jerome Powell at the press conference at 22:30 Moscow time/21:30 Kyiv time.

According to The Wall Street Journal, a victory for Donald Trump in the U.S. presidential election could necessitate a change in Fed policy. This is likely to occur at the December meeting alongside the release of updated macroeconomic forecasts.

At the current meeting, Powell may refrain from providing clear signals regarding issues related to the course of the new head of state, the publication noted.

Earlier, options traders bet on increased price volatility for the leading cryptocurrency following the U.S. elections.