The Federal Reserve announced a 50 basis point cut to its benchmark interest rate, marking the first reduction since the onset of the Covid-19 pandemic. The decision spurred a rally across markets, with Bitcoin surging back above $62,000, and the S&P 500 gaining 0.7%. Lower rates are often considered bullish for Bitcoin, enabling investors to borrow cheaply to purchase riskier assets like BTC.
In other news, Solana launched its second mobile device, called “Seeker.” According to Solana, this is more than just a ‘memecoin phone,’ hinting at broader functionality and use cases.
