Federal Reserve Cuts Interest Rates—Bitcoin Dominance May Rise As A Result
Posted On November 8, 2024
Crypto analyst Benjamin Cowen suggests that Bitcoin (CRYPTO: BTC) dominance might continue climbing, even as it hits his long-standing 60% target, following the Fed’s recent 25 basis point interest rate cut.
What Happened: In an update on his YouTube channel, Cowen analyzed the Federal Reserve’s decision to reduce rates to lowest level since February 2023 and maintain quantitative tightening by continuing to reduce its holdings in Treasury securities and mortgage-backed securities.
He highlighted that Bitcoin’s dominance has typically peaked (60%) only after quantitative easing (QE) starts. This time, he sees two possible scenarios: Bitcoin dominance could begin a topping process, or it might overshoot its peak before …
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