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Federal Reserve Cuts Interest Rates. Will Bitcoin Price React?

  • Alex Dovbnya
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    The US Federal Reserve has reduced interest rates by a quarter point

Federal Reserve Cuts Interest Rates. Will Bitcoin Price React?
Cover image via news.u.today

As a result of its two-day policy meeting, the US Federal Reserve has finally approved its a quarter-point interest rate cut, CNBC reports.  

Anthony Pompliano, the co-founder of Morgan Creek Digital, has already stated that it could be “Bitcoin rocket fuel.” 

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Analyst Predicts When Bitcoin Price Will Hit $100,000 Based on Power-Law Growth Model

Earlier, he explained that the central bank’s monetary policy could fuel the Bitcoin price growth given that it would devalue the US dollar.

Still, President Donald Trump is seemingly upset over the Fed decision given that he demanded larger rate cuts earlier.  

According to MarketWatch, the US stock market took a hit after it became clear that the central banks might not reduct interest rates one more time this year. The Dow is currently down 0.73 percent.

At press time, Bitcoin remains dormant with its price sitting slightly below the $10,200 level.  

BTC price  
Image by coinstats.com

However, the Fed news will certainly have wide-reaching implications that will affect crypto.

BitMEX CEO Arthur Hayes predicted that the Fed’s quantitative easing measures could push the BTC price to $20,000

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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