ChainCatcher reported, according to Cointelegraph, that Joe McCann, founder and CEO of cryptocurrency hedge fund Asymmetric, believes a 25 basis point rate cut could be detrimental to the cryptocurrency market. McCann argues: "If the Fed cuts rates by 25 basis points, the stock market will take a significant hit. Cryptocurrency could follow suit. This is because, assuming a 50 basis point rate cut, the stock market would be at an all-time high."

McCann states that a 50 basis point rate cut from the Fed could have a positive impact on risk assets such as cryptocurrencies.