US Federal Reserve Bank does 1st emergency interest rate cut since 2008, Bitcoin's price drops 2%

posted 4 months ago
Bitcoin prices slid today after the US Federal Reserve announced an emergency cut in interest rates to counteract risks to the economy from the spreading Corona-Virus. This marks the first emergency rate cut since the financial crisis in 2008. The Fed stated "The Corona-Virus poses evolving risks to economic activity, the committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy.”

Bitcoin’s price had gone down recently along with riskier assets like stocks as traders scrambled into cash. Economists with the Organization of Economic Cooperation and Development said the Corona-Virus contagion will likely shave 0.5% off of projected 2020 global growth, from an “already weak” 2.9%.
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