Bitcoin is trading closer to $117,000 after the Fed rate cut for the first time since December. The central bank reduced the benchmark rate by 25 basis points to a 4.00% – 4.25% range, citing weaker job growth and slow economic conditions.
Recent revisions indicated 911,000 fewer jobs created in the last year than were previously reported. Inflation is at 2.9%, which is still above the 2% target. US President Donald Trump has also pressured the central bank by calling for deeper cuts to be imposed by the policymakers.
The Fed’s new outlook suggests two more cuts before the end of the year. This dovish attitude implies increased liquidity in the global financial system, which is generally positive for digital assets. Gold is trading below $3,700, and around $117,200.
