Federal Reserve pushes crypto higher Intel an Nvidia close deal

The actions and explanations of Federal Reserve Chairman Jay Powell caused a reversal in both stock and crypto markets. Both surged after the Fed announced a 25 basis point interest rate cut, with two more cuts expected this year. BNB, the cryptocoin of the Binance platform, traded over $1,000 for the first time ever.

Tech deal

The Nasdaq stock market was celebrating thanks to an announced deal between Nvidia and Intel. Nvidia decided to buy $5 billion worth of Intel stock at a price of $23.28 per share. Intel’s stock, which had a very bad year so far, shot up by over thirty percent at the open.

The crypto market also performed well, both thanks to Powell’s words and the major deal between Nvidia and Intel. Bitcoin and other major digital currencies have been moving in tandem with the technology markets for some time and therefore rose sharply again yesterday. Bitcoin could break through the $120k barrier before the end of the month again.

BNB seemed to do best. The coin from crypto platform Binance broke through the psychologically important $1,000 barrier for the first time ever.

The price of Pump.fun, the crypto platform that allows you to create and launch your own meme coins, also performed very well.