Altcoins joined his rally on Tuesday afternoon, Treasury secretary, Scott Besent, suggested that the Federal Reserve should consider a 50 -point rate cut at its next September meeting.
“The real thing now in what to think is if we get a rate of 50 basic points in September,” Besent a Fox News told. Besent added that the Fed could have reduced rates in June if they had given precise data, which described as a “fundamental problem” in the Central Bank.
The markets already had a total price in a 25 basic points movement in September, but the idea of 50 basic points seemed even more things to judge.
Undoubtedly, Besent is secretary of the Treasury and not a member of the Federal Reserve, much less to its president. Besent, however, has been commissioned by President Trump to select a replacement for Fed Powell president, so his words surely have some weight.
Already higher in the day, Ether jumped more, now higher by almost 9% in the last 24 hours and more than $ 4,600 for the first time since November 2021.
Other movements include Cardano
Solana and Litecoin, each ahead of approximately 8% in the last 24 hours, while XRP has increased by 3.5%.
Bitcoin
The bulls remained on the sidelines during today’s rally, which also raised capital markets by more than 1%. The cryptocurrency is quoted at $ 120,000, little changed in the last 24 hours. The dollar weakened against all the main currencies.
The rally began early Tuesday morning after the new data showed that consumer prices increased in line with estimates in July.
