Bitcoin rallies to $117K, moves higher despite initial volatility post US Fed cut

Bitcoin rallied nearly 1% to trade at $117,484 on Thursday, as the crypto market digested the US Fed’s 25-basis-point rate cut with surprising calm.

“The crypto market is digesting the Fed’s 25 bps rate cut with surprising calm, as Bitcoin is moving upwards slowly despite initial volatility. Traders remain in splits while some argue the cut was already priced in, optimism still points to Bitcoin regaining momentum toward the $120,000 mark if catalysts align. Ethereum, meanwhile, is flashing strength as bulls eye fresh record highs, while XRP is fueled by optimism around an ETF approval that could see it targeting $3.66,” according to Avinash Shekhar, Co-Founder & CEO, Pi42.