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at 8:00 p.m. on september 19, market data showed that bitcoin's intraday increase expanded to 6%, with the highest intraday price exceeding $63,300. as of press time, the increase has narrowed, and the latest trading price is $62,996.4.

the federal reserve's interest rate decision caused a huge shock to bitcoin

after the federal reserve lowered the target range of the federal funds rate by 50 basis points to 4.75%-5.00%, bitcoin rose from $60,000 to $61,400 in a short period of time, and then gave up all gains in the next two hours; as of 8 a.m. on the 19th, the price of bitcoin rose by more than 3% for the second time in a short period of time to more than $62,000; after experiencing a narrow range of fluctuations for 10 hours, the price of bitcoin rose again to a high of $63,368 at 9 p.m. on the 19th. as of press time, the increase has narrowed and the latest trading price is $62,996.4.

according to coinglass data, in the past 24 hours, the total amount of liquidation in the cryptocurrency market exceeded us$201 million, and the number of liquidations was nearly 67,000. due to the rapid rise in bitcoin prices, short orders accounted for more than 72% of liquidations.

(source: coinglass)

after the u.s. stock market opened on thursday, blockchain concept stocks also strengthened, with microstrategy investment rising more than 6% and coinbase rising more than 4%.

regarding the huge fluctuations in bitcoin after the federal reserve's interest rate decision, caroline moren, co-founder of orbitmarkets, a provider of digital asset derivatives trading liquidity, said: "the positive start of the easing cycle is good news for risky assets including bitcoin. it will take a few hours for the market to see the big picture and begin to reflect the prospects for improvement."

it is worth noting that the fed's decision to cut interest rates by 50 basis points exceeded the forecasts of many institutions. according to incomplete statistics, 4 hours before the interest rate decision, most institutions including morgan stanley, goldman sachs, bank of america, citigroup, wells fargo, barclays, hsbc, ubs, macquarie, deutsche bank, bank of montreal, etc. believed that the fed would cut interest rates by 25 basis points, and only a few institutions such as jpmorgan chase and mitsubishi ufj believed that the fed would cut interest rates by 50 basis points. as the latest interest rate decision of the federal reserve is settled, investors in the cryptocurrency market have begun to pay attention to factors other than interest rates.

david lawant, head of research at cryptocurrency financial services firm falconx, said: "from now on, the most important factor to watch will be the trajectory of economic activity." david lawant pointed out that the correlation between cryptocurrencies and traditional investments such as stocks has risen sharply recently, indicating that macroeconomic variables have been affecting the cryptocurrency market.

trump supports bitcoin

the headlines of the cryptocurrency market today were dominated by former us president trump. just after the federal reserve announced the latest interest rate decision, trump appeared at the bitcoin-themed bar pubkey near new york university in the afternoon of the same day. according to pubkey co-founder drew armstrong, trump spent $998.70 to buy dozens of hamburgers and gave them to many customers in the bar at the time. he also said that trump used a payment app called strike, which supports cryptocurrency payments, to pay for the meal.

according to drew armstrong, trump entered the bar and shouted, "who wants a burger?" trump then said, "bitcoin is really happening!"

as a candidate of the republican party in the united states, trump has been wooing the cryptocurrency market and has publicly supported bitcoin on many occasions. in july, trump delivered a keynote speech at the bitcoin 2024 conference in nashville, promising to appoint cryptocurrency-friendly regulators and establish a national strategic bitcoin reserve if he returns to the white house. since then, he has also live-streamed on social media to promote a project called world liberty financial, which is hailed as a decentralized financial encryption project designed to compete with traditional banks.