After the Bank of Canada (BoC) lowered its interest rate from 5% to 4.75% on Wednesday, the European Central Bank (ECB) also announced a rate cut on Thursday, as expected by the market. The ECB decreased the interest rate from its historical high of 4% since September 2023 to 3.75%. This is the first rate cut by the ECB since 2019, following Canada as the first G7 country to ease its monetary policy. The European Central Bank’s Governing Council stated in a statement that after the rate decision was announced, global stock market indices and Bitcoin both saw increases.
With the consecutive rate cuts by the Bank of Canada and the European Central Bank, BitMEX founder Arthur Hayes, who has been eagerly awaiting this moment, seems to be unable to contain his excitement. In his latest article, he stated that he will withdraw the US dollars stored in the Ethrna protocol and redeploy them into “junk coins” (altcoins), patiently awaiting the revival of the cryptocurrency bull market.
