On September 19, statistics showed that the last time the Federal Reserve cut interest rates by 50 basis points was in March 2020, when they slashed rates by 1 percentage point to 0-0.25% to address the COVID-19 pandemic. Since March 2022, the Fed has launched an unprecedented series of aggressive rate hikes, bringing policy rates to a high of 5.25%-5.5% in July 2023, where they remain today.

Following the rate cuts in 2020, Bitcoin surged from a price range of $4,000-$6,000 after the “3.12” crash, reaching its previous bull market peak of $69,040 in November 2021, marking an increase of over 10 times.

In the same period, the price of gold rose from a range of $1,450 to $1,700 in March, topping out ahead of Bitcoin, reaching a high of $2,075 in August 2020 before falling back. It bottomed out at $1,616 in November 2022 and has been on an upswing ever since.