The FOMC minutes published on Oct. 9 effectively confirmed a 50 basis point cut in interest rates this year, but Bitcoin failed to mirror the rally in equities.<\/p>\n 2 min read<\/span><\/p>\n Updated:<\/span> Oct. 10, 2024 at 12:21 am UTC<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n Cover art\/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.<\/p>\n<\/div>\n<\/div>\n Bitcoin (BTC<\/a>) continued trading in the red and fell below $61,000 despite the Federal Reserve\u2019s dovish remarks in the Federal Open Market Committee\u2019s (FOMC) minutes published on Oct. 9.<\/span><\/p>\n As of press time, BTC was trading at $60,935, down 2% over the past 24 hours.<\/p>\n The FOMC minutes revealed that a \u201csubstantial majority\u201d of the participants supported a 50 basis point reduction in US interest rates this year, which would bring it down to a range of 4.75% to 5%.<\/p>\n While a minority preferred a smaller cut of 25 basis points, citing concerns that a larger reduction could be perceived as premature, the larger cut backers argued that it aligned better with recent indicators of inflation and labor market conditions.<\/p>\n Moreover, they emphasized that this adjustment would help sustain economic and labor market strength while continuing progress toward the inflation target of 2%.<\/p>\n Other major cap altcoins echoed Bitcoin\u2019s subdued price action, with Ethereum (ETH<\/a>) falling 1% over the past day, followed by Solana (SOL<\/a>) dipping 2.5% and BNB Coin (BNB<\/a>) declining 2.3%.<\/p>\n Despite the lack of bullish momentum in the crypto market, futures open interest spiked significantly following the FOMC meeting.<\/p>\n Meanwhile, the US equities market reacted positively to the minutes. The S&P 500 is up 0.68% on the day and moving toward a new all-time high, while the Nasdaq<\/a> Index climbed 0.5% and is currently priced at the highest level since the early September crash.<\/p>\n Andrew Kang, the co-founder of venture capital fund Mechanism Capital, stated that the disconnect between crypto and equities performance related to rate cuts is natural.<\/p>\n Kang highlighted that equities are more closely related to US interest rate policies because rate cuts value cash flows and mature corporate debt markets used to finance growth; hence, equities jumped after the minutes were out, while crypto continues to lag.<\/p>\n Traders remain in a state of uncertainty and are most likely waiting for US economic data due on Oct. 10 before making a more decisive move.<\/p>\n At the time of press 12:21 am UTC on Oct. 10, 2024<\/span>, Bitcoin<\/a> is ranked #1 by market cap and the price is down 2.21%<\/span><\/strong> over the past 24 hours. Bitcoin has a market capitalization of $1.2 trillion<\/strong> with a 24-hour trading volume of $27.55 billion<\/strong>. Learn more about Bitcoin \u203a<\/a><\/p>\n At the time of press 12:21 am UTC on Oct. 10, 2024<\/span>, the total crypto market is valued at at $2.12 trillion<\/strong> with a 24-hour volume of $67.57 billion<\/strong>. Bitcoin dominance is currently at 56.65%<\/strong>. Learn more about the crypto market \u203a<\/a><\/p>\n<\/div>\n<\/div>\n![\"bitcoins](\"https:\/\/cryptoslate.com\/wp-content\/themes\/cryptoslate-2020\/imgresize\/timthumb.php?src=https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/05\/bitcoin-down-liquidations.jpg&w=70&h=37&q=75\")
Bitcoin dips below $61K despite Fed\u2019s dovish stance<\/span> Gino Matos \u00b7<\/span> 2 months ago<\/span> \u00b7 2 min read<\/span> <\/span> <\/span> <\/span> <\/span><\/p>\n![](\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/08\/cs-gino-150x150.jpg\")
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