Bitcoin Soars After The Fed's Interest Rate Cut, What's Next?

Bitcoin prices skyrocket again (photo: Unsplash)

JAKARTA - Bitcoin prices jumped to more than $62,000 after the US Federal Reserve (The Fed) cut interest rates by 50 basis points.

The first rate cut after four years was then positively welcomed by the crypto market. Where Tokocrypto trader Fyqieh Fachrur argues that the Fed's decision will be a breath of fresh air for the crypto asset market.

"With lower interest rates, investors tend to look for more profitable alternatives like Bitcoin to protect the value of their assets," Fyqieh said in a statement quoted Friday, September 20.

Although Fyqieh said there was a more spectic view of the impact of the decline in US interest rates, this view was opposed because it saw that the Fed's policy paved the way for crypto market rallies.

According to him, positive sentiment among market players is clearly seen in the increase in crypto-related stocks, such as MicroStrategy which rose 3.77 percent and Coinbase which rose 2.1 percent.

Going forward, Fyqieh predicts crypto market sentiment will remain positive in the near future, there will be US economic data, such as Personal Consumption Expenditures (PCE) which could determine the next policy direction.

Bitcoin will indeed rise, but it will not immediately spike drastically. There is still the possibility of a decrease or fluctuation at some point before the bullish trend continues," he analyzed.