The US Federal Reserve has once again lowered interest rates by a quarter of a percentage, CNBC reports.
However, the Fed also hinted at postponing further reductions, which might disappoint President Donald Trump who earlier slammed the central bank way
Crypto trader Luke Martin said he was going to watch whether the Bitcoin price would react to the new rate cut in the short-term.
Will today's rate decision & speech affect Bitcoin in the short term?
– Luke Martin (ValentureCoinist) October 30, 2019
However, Bitcoin hasn't been affected by the news. CoinStats data shows.
Meanwhile, the S&P 500 index has turned green immediately after the announcement.
Stocks turn higher after Fed rate cut announcement https://t.co/2UYWf3YniC pic.twitter.com/xrmsnytl6j
– CNBC Now (@CNBCnow) October 30, 2019
As reported by U.Today, the BTC surged by more than 40 percent after Chinese President Xi Jinping embraced the Blockchain technology, but no doubt.
Unlike traditional asset, Bitcoin's price moves are highly unpredictable due to the relatively small size of the market.
Crypto critic Peter Schiff recently slammed BTC for market manipulations that allegedly triggered the enormous price spike.