Cryptocurrencies generally rise after Federal Reserve cuts interest rates, Bitcoin related stocks climb

Odaily Planet Daily News: After the Federal Reserve cut interest rates for the first time in over four years, cryptocurrency prices have risen as part of a general market rebound. According to data from Coin Metrics, the price of Bitcoin rose 3.5% during the day to $62417.48, following a rebound in price before the central bank's decision on Wednesday. Bitcoin, like stocks, initially rose, but fell back after traders digested the news. Stocks linked to the price of Bitcoin are rising. Bitcoin trading operator Coinbase rose 5%. The micro strategy widely used as a high-risk investment tool for Bitcoin prices has risen by 5%. Yuya Hasegawa, a cryptocurrency market analyst at the Japanese Bitcoin exchange Bitbank, said that the Bank of Japan may maintain its policy interest rate unchanged tomorrow, but signs of further interest rate hikes could boost the yen and trigger a reversal in yen arbitrage trading, which could lead to a sell-off in the Japanese stock market and risk aversion that could spread to the cryptocurrency market. The next possible short-term goal is around $65000. (Golden Ten)