Bitcoin jumps 6% to almost $64,000 after Fed's jumbo rate cut

​​​​​​​​​​​​​​By Ovunc Kutlu

ISTANBUL (AA) - Bitcoin jumped more than 6% to touch almost $64,000 level on Thursday, a day after the US Federal Reserve delivered a jumbo interest rate cut.

Bitcoin, the world's largest cryptocurrency, was trading just above $63,830 at 1.45 p.m. EDT (1745GMT) with a daily increase of 6.46%.

Ethereum, the world's largest altcoin, was at $2,743 at the time with a daily gain of more than 7.2%. Some altcoins' prices rose by more than 20%.

The value of the cryptocurrency market stood at $2.19 trillion with a 6.36% daily increase. Bitcoin's share, known as dominance, was at 57.3%. Ethereum's was at 13.6%, according to CoinMarketCap.

The rally in cryptocurrencies came after the Fed delivered a jumbo rate cut of 50 basis points on Wednesday, the largest since 2008 global financial crisis, except the emergency meetings at the start of the coronavirus pandemic four years ago.

The Fed starting its monetary easing in an aggressive way was welcomed by crypto enthusiasts, who hope to see more liquidity in global financial markets, similar to the year of 2021 when "cheap money" around the world led to a surge in cryptos.

Bitcoin last climbed to as high as $69,992 on July 29, two days after former US President and Republican presidential nominee Donald Trump laid out his plan to ensure that the US would be "the crypto capital of the planet and the Bitcoin superpower of the world."