The Altcoins were added to their rally in late Tuesday afternoon after Treasury Secretary Scott Bescent suggested that the federal reserve should consider a 50 basic point rate cut at the upcoming September meeting.
“The real thing now to think about is that we should get a 50 base-point rate cut in September,” Bescent told Fox News. Bessent added that the Fed could cut rates in June if it was given accurate data, which he described as a “foundation issue” in the central bank.
The markets are about the full price on a 25 basis for moving point in September, but the idea of 50 basic points has emerged in juice objects.
To be sure, Bescent is a secretary of Treasury and not a member of the Federal Reserve, let his chairman. However, Bessent was assigned by President Trump to choose a replacement for the Fed Chair Powell, so his words were certainly weighted.
Higher during the day, Ether, which is now higher than 9% in the last 24 hours and more than $ 4,600 in the first time from November 2021.
Other motions include Cardano
Solana and Litecoin, each early about 8% in the past 24 hours, while the XRP reached 3.5%.
Bitcoin
The bulls remained on the edges during the rally today, which also raised equity markets by more than 1%. Cryptocurrency has traded at $ 120,000, a little changed over the past 24 hours. The dollar weakened against all the major currencies.
The rally began early on Tuesday morning after new data showed consumer prices rising almost in accordance with estimates in July.
