Federal Reserve Cuts Interest Rates by 50 Basis Points, Bitcoin (BTC) Price Briefly Touches $61,000

Crypto-related stocks also advanced on Wednesday after the rate cut. MicroStrategy ( MSTR ) rose 3.6% on the day, while shares of cryptocurrency exchange Coinbase ( COIN ) and investment firm Galaxy ( GLXY ) gained 2%-3%. Bitcoin miners Marathon Digital and Riot Platform rose 1.6% and 3%, respectively, while TeraWulf (WULF), Bit Digital (BTBT), and Core Scientific (CORZ) led the rally with gains of around 7%.