Altcoins Surge as Treasury Secretary Suggests 50 Basis Point Rate Cut
Altcoins experienced a significant rally during the late Tuesday afternoon in the U.S. after Treasury Secretary Scott Bessent recommended that the Federal Reserve should consider a 50 basis point rate cut at its upcoming September meeting.
In an interview with Fox News, Bessent stated, “The real thing now to think about is should we get a 50 basis-point rate cut in September.” He also mentioned that the Fed could have cut rates in June if they had been provided with accurate data, which he described as a “foundational issue” at the central bank.
While the markets had already priced in a 25 basis point rate cut in September, the idea of a 50 basis point cut appeared to further boost the rally.
It is important to note that Bessent is the Treasury Secretary and not a member of the Federal Reserve, let alone its chairman. However, as he has been tasked by President Trump with selecting a replacement for Fed Chair Powell, his words hold some weight in the market.
Ether, one of the leading altcoins, saw a significant jump, rising by nearly 9% over the past 24 hours and surpassing $4,600 for the first time since November 2021. Other altcoins like Cardano, Solana, and Litecoin also experienced gains of around 8% in the past 24 hours, while XRP saw a 3.5% increase.
Interestingly, Bitcoin bulls remained on the sidelines during this rally, while equity markets also surged by more than 1%. Bitcoin is currently trading at $120,000, showing little change over the past 24 hours. The dollar weakened against all major currencies.
The rally began early on Tuesday morning after new data revealed that consumer prices had risen in line with estimates in July. This positive economic data, coupled with Bessent’s comments about a potential rate cut, fueled the surge in altcoin prices.
Overall, the cryptocurrency market is reacting positively to the prospect of a 50 basis point rate cut by the Federal Reserve, with altcoins leading the way in this latest rally. Investors will be closely watching the upcoming September meeting to see if the Fed indeed decides to implement a more substantial rate cut. Bullish Group, a company majority owned by Block.one, has significant interests in various blockchain and digital asset businesses, including holding a substantial amount of digital assets such as bitcoin. CoinDesk, an independent subsidiary of Bullish Group, is committed to maintaining journalistic integrity by forming an editorial committee chaired by a former editor-in-chief of The Wall Street Journal.
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