The Federal Reserve surprised investors earlier this week by enacting an aggressive 50 basis point cut in benchmark interest rates, marking the first such move since March 2020. What happened: The dip in borrowing costs immediately boosted risky asset classes like cryptocurrencies,

Today's aggressive rate cut, doubling the widely expected 25 bps reduction, signals deepening concerns about the health of the U.S. economy.

As of publication, BTC has surged 1.66% over the past 24 hours and was seen trading at $63,434. The Fed’s move has also lifted the overall crypto market, with the total market cap rising 2% in response.