Altcoin
Why BlackRock CEO Larry Fink’s Prediction Cements Bitcoin, Crypto Market Rally?
BlackRock CEO Larry Fink has once again garnered significant market attention, anticipating another U.S. Fed rate cut ahead. Speaking in a discussion on Tuesday, the asset manager CEO predicted another 0.25bps interest rate cut before this year ends. This bullish anticipation has in turn glimmered hope for the future of the crypto market, sparking optimism on prices ahead.
BlackRock CEO Anticipates Another US Fed Rate Cut By 0.25 bps Sparking Optimism
In a discussion held by Bloomberg Markets on October 29, Larry Fink said that he expects the U.S. Fed to cut interest rates by another 0.25 bps before this year ends. However, the BlackRock CEO also cautions that this might not be what the broader masses nationwide expect.
Intriguingly, with September proving to be the worst month for US markets, the nation saw a 0.50% Fed rate cut the previous month, sparking optimism across the risk assets market. Notably, the policy trim came after four years of no change, potentially aiming to induce more borrowing and spending that helps stimulate the economy. In light of this market dynamic, given what Larry Fink predicts becomes true, another rate cut by 0.25 bps could further bolster the market.
It’s also worth mentioning that the market saw a substantial recovery post-last fed rate cuts, with the upside momentum further leveraging the uptober rally sentiment. Bitcoin saw gains worth nearly 18% since the last rate cut, gaining from a $60k level to the $71K level to date. Simultaneously, the broader market mimicked a bullish momentum. This phenomenon has in turn ignited considerable optimism surrounding the crypto market’s future performance in light of Fink’s recent projection.
Crypto Market Performance Today
Simultaneously, as the Uptober rally saga comes to a close, Bitcoin (BTC), Ethereum (ETH), and the major altcoins appear to be closing the month on a bullish note. The global crypto market cap rose from the $2 trillion level to the $2.4 trillion level over the past 30 days, indicating robust market growth.
Further, Bitcoin price traded at $71,398 today, up nearly 4% intraday. Also, Ethereum (ETH) price also soared 4% over the past day to reach $2,626. SOL and XRP prices gained 1-2% in the past 24 hours. Crypto market enthusiasts expect the coins to offer further gains ahead, given the BlackRock CEO’s bullish projection comes true.
Simultaneously, it’s also worth mentioning that Larry Fink also anticipated BTC market cap to hit $50 trillion, further solidifying his bullish take on the crypto future. These developments have sparked substantial investor enthusiasm surrounding the broader market’s performance ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: