Bitcoin Holds Steady at $117K as Fed Cuts Rates and SEC Approves New ETF Rules
Bitcoin traded steadily on Thursday, while the broader crypto market moved higher. The gains came after the U.S. Federal Reserve announced an interest rate cut and signaled further monetary easing. The U.S. Securities and Exchange Commission (SEC) also approved new listing standards for exchange-traded products, boosting optimism for crypto ETFs.
Bitcoin Price Today
Bitcoin rose 0.1% to $117,267 at 01:29 ET (05:29 GMT). Altcoins also saw modest gains, with Ethereum up 1.7% at $4,590 and XRP rising 2% to $3.08. Solana jumped 4.1%, Cardano climbed 3.6%, Dogecoin gained 4.7%, and Trump Coin added 1.2%.
Fed Cuts Rates by 25 Basis Points
On Wednesday, the Federal Reserve cut its benchmark rate by 25 basis points to a range of 4.0% to 4.25%. The move was widely expected. Fed officials projected more easing later this year if the labor market continues to weaken.
Chair Jerome Powell, however, warned about ongoing risks, including sticky inflation and slowing job growth. He dismissed calls for a larger 50-point cut, which had been pushed by President Donald Trump and his allies.
Lower rates typically support crypto markets, as investors look for higher returns in speculative assets. Analysts point out that the 2021 bull run was fueled by near-zero global interest rates during the COVID-19 pandemic.
SEC Approves New ETF Standards
The SEC also approved new generic listing standards for cryptocurrency and spot commodity ETFs. These changes streamline the approval process, reducing the maximum timeline for eligible spot ETFs from filing to launch to 75 days.
The decision removes the need for case-by-case reviews, allowing faster approval of new funds. The first ETFs under the new rules are expected to track Solana and XRP. Analysts believe the change will pave the way for more crypto ETFs in the near future.
Limited Gains Despite Positive News
While traders welcomed both the Fed’s decision and the SEC’s approval, overall gains in the crypto market remained limited. Concerns about inflation, the broader U.S. economy, and corporate crypto treasuries kept investors cautious.
