Crypto Exchanges Rally After Fed Cuts & SEC Rules Change
Antara Bhattacharyya
Fed Rate Cut Boosts Crypto Sentiment: The U.S. Federal Reserve's 25 basis point rate cut to 4.25% enhances liquidity, encouraging risk-on behavior in crypto markets.
Bullish Exchange Leads the Surge: Bullish, a crypto exchange backed by Peter Thiel, soared 20.7% after securing a New York DFS BitLicense.
SEC Streamlines Crypto ETF Listings: The SEC approved new generic listing standards, reducing approval time for crypto ETFs from 240 to 75 days.
Bitcoin Hits $117K Amid Rally: Bitcoin's price surged to $117,484, reflecting investor optimism following the Fed's rate cut and SEC's ETF rule changes.
Broader Market Gains Across Exchanges: Coinbase and Gemini stocks rose over 7% and 5%, respectively, as the crypto market capitalisation reached $4.1 trillion.