Altcoins were added to the rally late in the US afternoon on Tuesday after Treasury Secretary Scott Bessent proposed that the Federal Reserve considers cutting 50 basis rates at its upcoming September meeting.
“The real thing to think about now is if the 50 basis point rate is reduced in September,” Bescent told Fox News. Bessent added that the Fed may have lowered its fees in June given accurate data.
The market was already fully priced in the 25-based point move in September, but the 50-based point idea seemed to make things even more juice.
Certainly, Bescent is the Treasury Secretary, not a member of the Federal Reserve, but of course the chairman. But his words certainly carry some weight as Bescent is tasked with by President Trump to select a replacement for Powell on the Fed Chair.
Already on the day, the ether has risen even higher, rising nearly 9% in the last 24 hours, exceeding $4,600 for the first time since November 2021.
Other moves include Cardano, Solana and Litecoin, each moving about 8% ahead in the last 24 hours, with XRP rising by 3.5%.
The Bulls remained on the sidelines during today’s rally, raising the stock market by more than 1%. Cryptocurrency is trading at $120,000 and has remained largely unchanged over the past 24 hours. The dollar has weakened against all major currencies.
The rally began early Tuesday morning after new data showed a rough rise in consumer prices in line with July estimates.
