In emailed comments, Chris Aruliah, ByBit's Head of Institution, had a mixed view bout the rate cut's impact on the crypto market.
"The broader global economic slowdown stipulated by softer economic indicators and geopolitical complexities is tempering investor sentiment," Aruliah wrote in an emailed statement. "Therefore, while a 0.5% reduction in the Fed's policy rate may provide a short-term boost to the cryptocurrency market, it is crucial to remain vigilant regarding the potential challenges posed by economic uncertainty and market fluctuations."