Altcoins added to their rally at the end of Tuesday at the end of the afternoon after the secretary of the Treasury, Scott Bessent, suggested that the federal reserve should consider a drop in the rate of 50 base points at its next September meeting.
“The real thing now thinking is that we are lowering 50 base points in September,” said Bessent at Fox News. Bessent added that the Fed could have reduced rates in June if it had received specific data, which it described as a “fundamental problem” at the Central Bank.
The markets already had roughly a price entirely in a movement of 25 base points in September, but the idea of 50 base points seemed even more juice.
Admittedly, Bessent is secretary to the Treasury and not a member of the Federal Reserve, not to mention its president. Bessent, however, was charged by President Trump to select a replacement for the president of the Fed Powell, so his words are surely weight.
Already higher during the day, Ether has jumped further, now higher by almost 9% in the last 24 hours and more than $ 4,600 for the first time since November 2021.
The other movements include Cardano
Solana and Litecoin, each in advance by around 8% in the last 24 hours, while XRP is up 3.5%.
Bitcoin
The bulls remained on the sidelines during today’s rally, which also raised the stock markets of more than 1%. The cryptocurrency is negotiated at $ 120,000, which has changed little in the last 24 hours. The dollar has weakened compared to all large currencies.
The rally started early Tuesday morning after new data showed that consumer prices increased roughly in accordance with estimates in July.
