Bitcoin Surges Past $85,000 as Fed Signals Potential Rate Cuts

Bitcoin (BTC) surpassed $85,000 following the Federal Open Market Committee (FOMC) meeting, which signaled possible interest rate cuts in 2025. The Fed also announced a slowdown in quantitative tightening (QT) starting April 1, reducing the monthly cap on Treasuries maturing without replacement to $5 billion from $25 billion. This news spurred a market-wide rally, with Bitcoin jumping from $84,235.71 to nearly $86,000 before settling at $85,363. While Bitcoin saw a nearly 2% increase, altcoins showed mixed reactions. Ethereum (ETH) rose 0.6% to $2,039.11, and Cardano (ADA) increased by 0.5%. Solana (SOL) crossed $130, trading at $133.55. XRP and BNB showed minimal price changes. In the last 24 hours, Bitcoin has risen 4.5% and is now trading for $85,500, its highest point since March 9. The CoinDesk 20 is up 6%. Ether (ETH) and Solana (SOL) have both surged by 7%, while Ripple's XRP token has risen 10%. Bitcoin mining companies like Bitdeer (BTDR) and Core Scientific (CORZ) are up 10% and 8% on the day, respectively.