Today's aggressive rate cut, doubling the widely expected 25 bps reduction, signals deepening concerns about the health of the U.S. economy.

As of publication, BTC has surged 1.66% over the past 24 hours and was seen trading at $63,434. The Fed’s move has also lifted the overall crypto market, with the total market cap rising 2% in response.

The Federal Reserve surprised investors earlier this week by enacting an aggressive 50 basis point cut in benchmark interest rates, marking the first such move since March 2020.