Despite the Federal Reserve’s decision to cut interest rates, Bitcoin is showing weakness around the 116,000 USD mark on Thursday.
According to CoinMarketCap, a leading global cryptocurrency data provider, Bitcoin was trading at approximately 116,000 USD as of 10:30 a.m. on Tuesday, down 0.03% over the past 24 hours. However, Bitcoin has seen a 5.06% increase over the last week.
In South Korea, Bitcoin is trading at around 161 million KRW (approximately 116 thousand USD). According to Cryprice, a global cryptocurrency market comparison platform, the Korean premium stands at 0.29%.
On Wednesday, the Fed announced a 0.25 percentage point rate cut, marking the first reduction of the second Trump administration.
The cryptocurrency market appears disappointed by a “small cut,” as it had been anticipating a more substantial cut of over 0.5 percentage points. Bitcoin briefly climbed to 117,000 USD just before the announcement but quickly retreated to about 115,000 USD following the news.
However, the Fed signaled the possibility of two more rate cuts this year, with FOMC meetings scheduled for late October and mid-December. This has led many cryptocurrency investors to adopt a wait-and-see approach rather than making a major exit.
Meanwhile, Ethereum was trading at around 4,613 USD, up 2.18% from the previous day. XRP (Ripple) also saw gains, trading at approximately 3.08 USD, a 1.49% increase.
