Crypto Market Update: ETH, ADA, and XRP Rise in U.S. Trading on Tuesday

Altcoins continued their rally during late Tuesday U.S. afternoon hours, following Treasury Secretary Scott Bessent’s suggestion that the Federal Reserve consider a 50 basis point rate cut at its upcoming September meeting. “The real thing now to think about is should we get a 50 basis-point rate cut in September,” Bessent stated during an interview. He noted that the Fed could have reduced rates in June if provided with accurate data, which he labeled a “foundational issue” at the central bank.

Markets had largely priced in a 25 basis point move for September, but the possibility of a larger cut seemed to energize investors further. While Bessent is the Treasury Secretary and not a member of the Federal Reserve, he has been tasked with choosing a successor for Fed Chair Powell by President Trump, which adds significance to his comments.

Ether showed notable gains, surging nearly 9% in the last 24 hours and crossing the $4,600 mark for the first time since November 2021. Other cryptocurrencies, including Cardano, Solana, and Litecoin, each rose about 8% during the same period, while XRP increased by 3.5%. Meanwhile, Bitcoin traders appeared less active during the rally, which also boosted equity markets by over 1%. Bitcoin is currently trading at $120,000, showing little fluctuation in the past 24 hours. The dollar experienced weakened performance against all major currencies. The rally commenced early on Tuesday after new data indicated consumer prices rising closely in line with estimates for July.