Altcoins added to their rally at the end of Tuesday OS afternoon after the treasury, Scott Bessent, suggested that Federal Reserve should consider a 50 base point rate at the upcoming September meeting.
“The real thing now to think about is if we get a 50 basic point rate in September,” Bessent told Fox News. Bessent added that Fed could have reduced the rates in June if it had received accurate data, which he described as a “basic question” in the central bank.
The markets were already around fully priced in a 25 -base point trait in September, but the idea of 50 basic points seemed to juice things further.
To be sure is Bessent Treasury Secretary and not a member of the Federal Reserve, so much less its chairman. However, Bessent has been given the task of President Trump to choose a replacement for Fed -Chairman Powell, so his words certainly carry some weight.
Already higher in the day Ether jumped longer, now higher with almost 9% over the last 24 hours and over $ 4,600 for the first time since November 2021.
Other features include Cardano
Solana and Litecoin, separately at approx. 8% over the last 24 hours, while XRP has increased by 3.5%.
Bitcoin
Bulls stayed on the sidelines during today’s rally, which also lifted the stock markets by more than 1%. Cryptocurrency deals with $ 120,000, slightly changed over the last 24 hours. The dollar weakened against all major currencies.
The rally started early on Tuesday morning after new data showed that consumer prices rose roughly in accordance with estimates in July.
