Ether and Altcoins Surge Following Rate Cut Suggestion by Treasury Secretary
Altcoins experienced a rally following comments from Treasury Secretary Scott Bessent regarding potential Federal Reserve rate cuts. Key points include:
- Bessent suggested a 50 basis point rate cut at the September meeting.
- The market had anticipated a 25 basis point move, but the 50 basis point suggestion spurred further gains.
- Ether rose nearly 9% in 24 hours, exceeding $4,600 for the first time since November 2021.
- Cardano (ADA), Solana (SOL), and Litecoin (LTC) increased by about 8%, while XRP gained 3.5%.
- Bitcoin (BTC) remained stable at $120,000 with minimal change over 24 hours.
- The U.S. dollar weakened against major currencies as equity markets saw a rise of over 1%.
The rally was initially triggered by consumer price data aligning with estimates for July.