Bitcoin remains unaffected by Fed rate cut as XRP and Dogecoin ETFs prepare for milestone launch in US.

Bitcoin’s response to the Federal Reserve’s recent rate cut was relatively quiet, with prices remaining stable near $117,000 after the announcement. The focus has shifted to new products entering the market that promise to bring mainstream investments into the cryptocurrency space.

As the Fed lowered benchmark interest rates by 25 basis points, Bitcoin experienced a small increase of 0.5% to $117,085. Other major cryptocurrencies also saw positive movements, with Ethereum up by 0.8% and XRP gaining 1.6% in the last 24 hours. Solana and Dogecoin also showed gains of 3.1% and 3.5%, respectively.

Goldman’s Chief Economist, Jan Hatzius, predicts two more quarter-point rate cuts by the year-end following the recent reduction. The Federal Open Market Committee (FOMC) is set to meet on Oct. 28-29 and Dec. 9-10, raising expectations for additional rate adjustments.

Despite the Fed’s actions, Bitcoin investors exhibited a “sell the news” trend, causing a slight dip in prices post-announcement. Analysts anticipate more rate cuts in the future, but Bitcoin seems to be holding steady amidst the uncertainty.

Following the SEC’s approval of rule changes, which facilitated the adoption of a generic listing standard for cryptocurrency and spot commodity exchange-traded products, the path has been cleared for potential cryptocurrency-focused ETFs. This marks a significant shift in America’s regulatory stance towards digital assets, creating new opportunities for the market.

XRP and Dogecoin are set for a landmark debut with the upcoming launch of the first U.S.-listed exchange-traded funds on the Cboe BZX Exchange under the tickers XRPR and DOGE, respectively. These ETFs, proposed by REX Shares and Osprey Funds, will provide new avenues for investors to gain exposure to these popular cryptocurrencies.

Analysts suggest that XRP has the potential to reach $4 if inflows align with expectations, signaling a possible entry into the institutional market. This development hints at a growing interest in cryptocurrencies among traditional investors, ushering in a new era of adoption and acceptance in the industry.

Overall, the cryptocurrency market remains dynamic and resilient in the face of economic fluctuations and regulatory changes. With new products entering the landscape and increasing institutional interest, the future looks promising for cryptocurrencies like Bitcoin, XRP, and Dogecoin as they continue to gain mainstream recognition.