Federal Reserve made a surprising move by cutting interest rates by 50 basis points (0.5%). This was a response to growing concerns about a potential recession, signaling a shift from the Fed’s earlier tightening policies that aimed to control inflation. With inflation showing signs of easing, the central bank is now focused on stimulating the economy. This rate cut had immediate market effects, leading to a temporary surge in Bitcoin prices, which crossed $62,000 before stabilizing due to market volatility.
On the cryptocurrency front, Bitcoin mining difficulty reached a record high of 92.67 trillion on September 11, 2024. This increase in difficulty reflects the rising competition among miners, driven by the overall growth of the Bitcoin network’s hash rate. While higher difficulty enhances network security, it also makes it more challenging and costly for miners to secure rewards.
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