"Bitcoin Surges as Canada Becomes First G7 Nation to Cut Interest Rates"
TL;DR Summary
Bitcoin's price surged after the Bank of Canada cut its benchmark interest rate from 5.0% to 4.75%, marking the first rate reduction in four years. This move, aimed at easing inflation, has historically benefited risk assets like Bitcoin. The cryptocurrency's price rose 1.5% to $71,600 before settling at $70,930. The rate cut positions Canada as the first G7 country to relax its inflation fight, potentially influencing other central banks' policies.
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- Canada becomes first G7 nation to cut interest rates Reuters
- Interest rate in Canada cut by quarter of percentage point: BoC CTV News
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