yolowire.com - Cryptocurrencies are marching higher a day after the U.S. Federal Reserve lowered interest rates by 50-basis points.
The price of Bitcoin (CRYPTO: BTC) is up 5% and trading at $63,000 U.S. per token. It is the highest level that Bitcoin has traded at in three months.
Similarly, Ethereum (CRYPTO: ETH) is up 5% and trading at $2,450 U.S., while Solana’s (SOL) price has risen 8% to $140 U.S. and Bitcoin Cash (BCH) has increased 9% to $340 U.S.
Stocks tied to cryptocurrencies are also surging. Shares of crypto exchange Coinbase (NYSE: NASDAQ:COIN) are up 4%, while Bitcoin acquirer MicroStrategy (NASDAQ: MSTR) stock has gained 5%.
The big move higher comes after the U.S. Federal Reserve lowered interest rates by half a percentage point and forecast more rate cuts in the coming months.
Lower interest rates are seen as beneficial for riskier assets such as cryptocurrencies.
Some analysts expect a big bull run in cryptocurrencies through year’s end as lower interest rates improve liquidity and supports prices.
The jump higher in crypto prices marks a reversal for digital coins and tokens, which have traded sideways throughout the summer.
After rising to an all-time high of just under $74,000 U.S. in March of this year, the price of Bitcoin had been rangebound in recent months and traded between $55,000 U.S. and $59,000 U.S.
With today’s (Sept. 19) rise, Bitcoin is now up 43% on the year.