FOMC cuts interest rates, but move was already 'priced in': Analyst

Analysts say the crypto market has already priced in Wednesday's interest rate cut, but the Federal Reserve remains divided on an additional cut in December.

The Federal Reserve Open Market Committee (FOMC) announced a 25 basis point interest rate cut on Wednesday, bringing the target Federal Funds rate down to 3.75%-4%.

Wednesday’s rate cut was “fully priced in” by investors, who widely anticipated the decision, according to Matt Mena, a market analyst at investment company 21Shares. Mena also forecast:

Asset prices remained flat or fell by modest amounts on Wednesday following the FOMC decision, with the price of Bitcoin (BTC) falling by about 2.4% at the time of writing, following Federal Reserve Chair Jerome Powell’s comments signaling that FOMC members are divided on a December rate cut. 

Read more