The last interest rate cut by the Federal Reserve occurred in July 2023, when rates were maintained at 5.25%-5.50%. However, Chair Jerome Powell recently indicated that the Fed plans to cut rates in September 2024, contingent on economic data showing sustained inflation progress towards the 2% target.

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The Fed's dovish stance on interest rates could potentially impact the cryptocurrency market, leading to increased investor confidence and higher risk appetite for alternative assets like Bitcoin. Traders should closely monitor the economic data and Fed announcements for trading opportunities.