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Bitcoin's Price Drops After The Fed’s First Emergency Rate Cut Since 2008

Ramsey Baker

Summary: Bitcoin (BTC) prices fell on Tuesday after the U.S. Federal Reserve announced an emergency cut in interest rates in order to counter risks to the economy from the spreading coronavirus. The largest cryptocurrency by market value was down 1.31% to $8,732.59 at the time of writing. This comes after prices grew by 4.6% on Monday, ...

Bitcoin (BTC) prices fell on Tuesday after the U.S. Federal Reserve announced an emergency cut in interest rates in order to counter risks to the economy from the spreading coronavirus.

The largest cryptocurrency by market value was down 1.31% to $8,732.59 at the time of writing. This comes after prices grew by 4.6% on Monday, Rising alongside U.S. stocks as traders in traditional financial markets bet the Fed would soon cut rates to address the economic impact of the contagion. This marks the first emergency rate cut since the financial crisis of 2008.

By Ramsey Baker

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