IG analyst: If the Fed restarts interest rate cuts, cryptocurrencies will rise

Odaily Planet Daily News IG analyst Chris Beauchamp said in a report that cryptocurrency prices could rise if the Fed restarts interest rate cuts on Wednesday and sends signals that policies will be further easing in the future. "If the FAP Committee suggests that this week's meeting is just the beginning of more rate cuts, then crypto assets should continue to be one of the main beneficiaries," he noted. The money market has fully digested the expectation of a 25 basis point cut on Wednesday, according to data from the London Stock Exchange Group. In addition, about 81% of IG customers hold a long position on Bitcoin and expect its price to rise; 83% of customers hold a long position on Ethereum. (Jin Shi)