Digital Asset Monetary (OTC:DATI) Stock, Quote.Headers.trade-ideas

Digital Asset Monetary Network Inc is a service offering, the Public Accelerator-Incubator (PAI) is an ecosystem that fosters growth opportunities through community, education, support, and equitable access to the capital markets for both undervalued, everyday entrepreneurs (private or public) and investors. It derived from its ability to significantly decrease investment risk, acquire quantifiable assets, and generate revenues from multiple channels. It offers services such as Acceleration, Business Development, Financial Resources, Capital Formation, and Marketing & Communication.

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Stocks That Hit 52-Week Lows On Wednesday

DIGITAL ASST MONTARY NTWK by Digital Asset Monetary Network, Inc.

Digital Asset Monetary Network Inc

Economics

Federal Reserve

Fed's Powell Says Outcome Is Not As In Doubt Now Though; Says We Will Get Down To 2% Inflation; Says We Will Get Down To 2% Inflation; Says Ultimately We Will Get What We Need To Get Out Of The Housing Services Inflation Too

Fed's Powell Says We Know Understand It Will Take Some Time For Lower Market Rents To Filter Through; Says Direction Of Travel On Rents Is Clear; Says Direction Of Travel Is Clear Though, Even Though It May Take Several Years

Fed's Powell Says Housing Inflation Is One Piece That Is Dragging A Bit; Says Market Rents Are Doing What We Want Them To Do, But They Are Not Coming Down As Much As Expected

Roku Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>) is gearing up for a platform monetization sprint, and investors are starting to tune in. After a strong showing at the JPMorgan U.S. All Stars Conference in London, Roku's management has made one thing crystal clear: it's all about accelerating <a href="https://www.benzinga.com/quote/ROKU/news">platform revenue growth</a>.
<h2 class="wp-block-heading">Shopify Integration Boosts Roku Ads Manager</h2>
Roku has <a href="https://www.businesswire.com/news/home/20240918031574/en/Roku-Launches-Ads-Manager-a-Self-Service-Performance-Solution-for-Growth-Marketers">launched</a> Roku Ads Manager, a self-service CTV performance solution featuring the first-ever Shopify Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) integration for shoppable campaigns. This new platform is designed to help direct-to-consumer brands of all sizes easily purchase CTV video ads, offering a familiar buying experience similar to search and social. 
Louqman Parampath, Roku's VP of Product Management, emphasized the platform's advantage: "Roku Ads Manager is uniquely positioned to offer data, optimization, and ad formats that no other CTV self-serve solution has." The integration with Shopify enhances reach for merchants, creating a new sales channel with shoppable ads.
<h2 class="wp-block-heading">Roku Management Doubling Down On Partnerships</h2>
With management doubling down on third-party partnerships and home screen changes, the streaming giant is eyeing a revenue boost that could turn heads as early as the fourth quarter of 2025. Partnerships with The Trade Desk Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>) are also nearing completion, positioning Roku for potential ad revenue growth.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40293747/analysts-see-strong-growth-potential-for-the-trade-desk-amid-ctv-expansion-and-stab">Analysts See Strong Growth Potential For The Trade Desk Amid CTV Expansion And Stable Digital Ad Market</a>
While Roku's CFO Dan Jedda and IR head Conrad Grodd laid out the company's priorities, the spotlight was on how Roku plans to balance revenue expansion with profitability. With platform growth initiatives set to be funded by reallocating existing operational expenses (nearly $2 billion in 2024), Roku is aiming to keep its spending lean.
This belt-tightening has led JPMorgan's Cory Carpenter to raise his price target on Roku from $80 to $90, citing increased confidence in the company's ability to grow earnings without breaking the bank.
<h2 class="wp-block-heading">Needham&#8217;s $100 Price Target Adds More Fuel To The Fire</h2>
Adding to the optimism, Needham has upgraded Roku&#8217;s price target to $100, reiterating their Buy rating. Analyst Laura Martin emphasized Roku&#8217;s strong strategic position in the U.S. over-the-top (OTT) and connected-TV (CTV) ecosystems.
With Roku devices now in 50% of U.S. broadband homes, the company is the largest streaming distribution platform, making it highly attractive to advertisers.
According to Needham, Roku benefits from a total addressable market (TAM) of around $62 billion in traditional linear TV advertising revenue for 2023. Roku's impressive cost control and tactical moves to become an &#8220;arms dealer&#8221; of streaming—similar to how Apple's iOS platform operates—reinforce Needham's bullish outlook. 
This potential, combined with its large CTV ad inventory and projected industry growth of 15-17% in 2024, paints a picture of significant valuation upside.
<h2 class="wp-block-heading">Technicals Point To A Strong Bullish Run—For Now</h2>
On the technical front, Roku is flashing bullish signals, with its stock price of $74.67 above key moving averages.
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent091824&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="623" height="454" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18142411/Screenshot-2024-09-18-at-4.00.08-PM.png" alt="" class="wp-image-554749" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18142411/Screenshot-2024-09-18-at-4.00.08-PM.png 623w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18142411/Screenshot-2024-09-18-at-4.00.08-PM-300x219.png 300w" sizes="(max-width: 623px) 100vw, 623px" /></a></figure>
<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent091824&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
However, some selling pressure indicates a possible risk of bearish movement in the near future, so cautious optimism might be the best approach.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40920634/roku-introduces-innovative-ads-manager-for-direct-to-consumer-brands-details">Roku Introduces Innovative Ads Manager For Direct-to-Consumer Brands: Details</a></li>
</ul>
Photo: Shutterstock

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Technicals

Analyst Ratings

Tech

ROKU

SHOP

Roku: The 'Arms Dealer' Of Streaming Gears Up For Monetization Surge, Says Analyst

Jefferies analyst Jonathan Petersen maintains National Storage (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSA#NYSE">NSA</a>) with a Buy and raises the price target from $47 to $54.

Price Target

Jefferies Maintains Buy on National Storage, Raises Price Target to $54

Fed Chair Powell Says We Are Going To Move Rates To A More Normal Level Over Time; We Are Not Declaring Victory On Inflation; We Are Close, But Not At 2% Inflation; We Are Not Saying Mission Accomplished Yet On Inflation, But Encouraged By Our Progress

WIIM

USDEUR

USDGBP

The dollar is lower against multiple currencies after the Fed cut rates by 50 bps.

As Florida prepares for a critical vote on recreational cannabis legalization this November, Governor Ron DeSantis is intensifying his campaign against Amendment 3, this time challenging cannabis giant Trulieve (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) (CSE:<a class="ticker" href="https://www.benzinga.com/stock/TRUL#CSE">TRUL</a>). In an effort to counter what the <a href="https://www.benzinga.com/markets/cannabis/24/08/40418144/florida-cannabis-legalization-one-poll-shows-weed-going-legal-in-november-ballot-another-thumbs-">polls show</a> as a majority of support for recreational cannabis, the governor is presenting brand new creative arguments.
On Tuesday night, the Anti-Amendment 3 X (formerly Twitter) account shared a video where DeSantis appears to target &#8220;one big weed company,&#8221; referring to Amendment 3's <a href="https://www.benzinga.com/markets/cannabis/24/05/38730627/medical-marijuana-giant-trulieve-backer-of-floridas-recreational-cannabis-ballot-narrows-loss-re">main backer</a>, Trulieve, as an alleged corporate monopoly seeking to profit from a captive market. He also accused them of being led by &#8220;corporate interests&#8221;.
<h3 class="wp-block-heading">Fighting &#8216;Corporate Cannabis&#8216;?</h3>
The Vote No on 3 X account shared a video of DeSantis stating, "One big weed company that spent 75 to 80 million dollars… writes in there that you have a right to possess and use marijuana, but only if you buy it from them; you can't grow it in your backyard."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f440; <a href="https://twitter.com/GovRonDeSantis?ref_src=twsrc%5Etfw">@GovRonDeSantis</a> laid it out: Amendment 3 is not pro-freedom, it&#39;s pro-monopoly. Instead of giving you the freedom to grow in your backyard, Amendment 3 would allow unchecked public use. <a href="https://t.co/NKhJpBcq9C">pic.twitter.com/NKhJpBcq9C</a>
&mdash; Vote No on 3 (@VoteNo_On3) <a href="https://twitter.com/VoteNo_On3/status/1836082394782110002?ref_src=twsrc%5Etfw">September 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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This statement is surprising for two reasons: it misrepresents the cannabis regulations in other states, where <a href="https://www.benzinga.com/markets/cannabis/24/04/37988501/59-of-americans-support-right-to-grow-legal-cannabis-at-home-new-survey-finds">home cultivation</a> is often permitted, while also portraying DeSantis as supportive of home growing—a stance that <a href="https://www.benzinga.com/markets/cannabis/24/05/38649648/ron-desantis-plan-to-scuttle-floridas-cannabis-legalization-initiative-with-his-vast-fundraising">contradicts his previous positions</a>.
While DeSantis opposes the legalization of recreational cannabis, supporting legislation that allows residents to grow their own plants could address some concerns about access and the illegal market.
Instead, De Santis has been <a href="https://www.benzinga.com/markets/cannabis/24/07/39760907/ron-desantis-floridas-gop-and-hemp-industry-pile-on-to-defeat-marijuana-legalization">financially backed </a>by another type of manufacturer: the hemp derivatives groups. Some of the companies in this sector profit from an unregulated environment that allows them not to cope with the tax burden and manufacturing controls imposed on the cannabis industry.
That sort of backing led the governor to veto a bill that would&#8217;ve outlawed hemp-based&nbsp;products in July of this year.
Benzinga reached out to Trulieve for comments on DeSantis&#8217; remarks. 
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/40820699/trump-stuck-in-southern-border-and-immigration-loop-during-harris-debate-theyre-destroying-our-c">Trump Stuck In Southern Border And Immigration Loop During Harris Debate: &#8216;They&#8217;re Destroying Our Country&#8217;</a>
<h3 class="wp-block-heading">Running Against Trulieve</h3>
DeSantis&#8217; remarks also reflect his complicated relationship with the cannabis industry.
Trulieve, which has invested heavily in the Smart &amp; Safe campaign for Amendment 3, is a major player in the Florida medical cannabis market. However, it&#8217;s far from being a monopoly, as the X post reads and the governor implies.
According to the most <a href="https://knowthefactsmmj.com/wp-content/uploads/ommu_updates/2024/091324-OMMU-Update.pdf">recent data</a> from the Office of Medical Marijuana Use (OMMU), Trulieve operates 22% of the state's dispensaries, accounting for 30% of total medical marijuana sales and 10% of low-THC cannabis products. It&#8217;s clear that the company is not the only cannabis business in Florida.
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">DeSantis&#8217; Closing Arguments</h3>
DeSantis also expressed concerns about marijuana use in public spaces, which is a typical regulatory concern with cannabis (similar to alcohol and tobacco).
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is all you need to know to prove that Amendment 3 is about corporate interests, not personal freedom. If you buy from 
</blockquote></div></figure>

Cannabis

Government

Regulations

Politics

CSE:TRUL

TCNNF

TRUL

DeSantis Targets 'One Big Weed Company' Funding Florida's Legalization Campaign, Cites 'Corporate Interest' As Main Motivation

Powell: We Don't Put Up Any Other Filters In Making Our Decisions; US Economy Is In A Good Place And Our Decision Today Is Designed To Keep It There; Our Intention Is To Maintain The Strength That We Currently See

Jefferies analyst Jonathan Petersen maintains Public Storage (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSA#NYSE">PSA</a>) with a Buy and raises the price target from $360 to $422.

Jefferies Maintains Buy on Public Storage, Raises Price Target to $422

Fed Chair Powell Says My Own Sense Is We Are Not Going Back To Negative Rates For Long-term Bonds; It Feels Neutral Rate Is Higher Than It Was; It Feels To Me That Neutral Rate Is Probably Significantly Higher Than It Was Pre Pandemic; Asked About Election, Says Fed Makes Decisions Based On Its Service To American People; Our Decisions Are Never About Politics Or Anything Else; If We Get It Right, Will Benefit The American People

A recent pilot study from the University of Washington School of Medicine shows a low dosage of ketamine can reduce or help eliminate withdrawal symptoms <a href="https://www.benzinga.com/topic/fentanyl">from fentanyl addiction</a>. 
Medical journal Addiction Science &amp; Clinical Practice published the <a href="https://www.sciencedaily.com/releases/2024/09/240917162334.htm?utm_source=substack&amp;utm_medium=email">results</a> Tuesday.
A 16-milligram dose of ketamine helped patients transition to buprenorphine treatment, a common opioid addiction therapy, researchers determined.
<h3 class="wp-block-heading">Study Scope And Findings</h3>
The research team, led by Dr. Lucinda Grande, administered ketamine to 37 patients over 14 months. Of the 24 patients who tried the treatment, 16 completed the transition to buprenorphine, with 92% of the last 12 remaining in treatment for at least 30 days. Patients reported a significant reduction in withdrawal symptoms after each dose, with effects lasting for hours.
Dr. Tom Hutch, co-author of the study, emphasized that ketamine could serve as a &#8220;bridge&#8221; for patients unable to start treatments like buprenorphine or methadone due to the severity of withdrawal symptoms. The dosage used in the study was a fraction of that used for anesthesia and was significantly lower than doses prescribed for depression, which is another growing use of the drug.
The 16 mg dose is a small fraction of that typically used for anesthesia, the main clinical role of ketamine, according to Grande. That dosage also is less than half of the smallest ketamine dose prescribed for depression treatment, an increasingly common use of this medication.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40634272/dea-warns-of-crackdown-on-ketamine-prescribing-following-matthew-perrys-death">DEA Warns Of Crackdown On Ketamine Prescribing Following Matthew Perry&#8217;s Death</a>
<h3 class="wp-block-heading">Ketamine In The Public Spotlight</h3>
Ketamine has been in the public eye since medical examiners <a href="https://www.benzinga.com/markets/cannabis/23/12/36268778/matthew-perry-died-of-acute-effects-of-ketamine-medical-examiner-reports">determined</a> late actor Matthew Perry overdosed from high-dose ketamine treatment for depression.
"Our study underscores the enormous potential of this drug to address <a href="https://www.benzinga.com/markets/cannabis/24/05/38652184/ketamine-assisted-psychotherapy-offers-hope-in-the-treatment-of-chronic-pain-and-depression-here">important health problems</a> such as depression, chronic pain and, now, fentanyl use disorder," Grande says. The positive attributes of ketamine have been overshadowed by Perry&#8217;s death, she adds.
Grande hopes the results of this pilot study will be confirmed in larger studies. "I&#8217;m excited about these results," she said. "It&#8217;s a wonderful opportunity to save lives."
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/general/biotech/24/03/37797951/elon-musk-on-ketamine-and-investors-value-if-there-is-something-im-taking-i-should-keep-taking-it">Elon Musk On Ketamine And Investors&#8217; Value: &#8216;If There Is Something I&#8217;m Taking, I Should Keep Taking It&#8217;</a></li>
</ul>
Cover image made with AI

Psychedelics

Ultra-Low-Dose Ketamine May Offer Relief For Opioid Withdrawal, Study Finds

Macro Notification

Teamsters Union Says Endorses No Candidate In 2024 U.S. Presidential Election

Aave's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/aave/usd">AAVE</a>) price has decreased 3.38% over the past 24 hours to $137.43, continuing its downward trend over the past week of -8.0%, moving from $148.68 to its current price. 
The chart below compares the price movement and volatility for Aave over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1726686005_0.png" alt="price_chart" />
The trading volume for the coin has tumbled 60.0% over the past week while the circulating supply of the coin has risen 0.11%. This brings the circulating supply to 14.93 million, which makes up an estimated 93.33% of its max supply of 16.00 million. According to our data, the current market cap ranking for AAVE is #45 at $2.05 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1726686005_1.png" alt="supply_and_vol" />
<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$AAVE

Cryptocurrency Aave Decreases More Than 3% Within 24 hours

Fed Chair Powell Says Immigration Is One Of The Things That Has Allowed Unemployment Rate To Rise; Further Declines In Job Openings Will Translate More Directly Into Unemployment

Canaccord Genuity analyst Sumant Kulkarni maintains Zevra Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZVRA#NASDAQ">ZVRA</a>) with a Buy and lowers the price target from $24 to $22.

ZVRA

Canaccord Genuity Maintains Buy on Zevra Therapeutics, Lowers Price Target to $22

Fed Chair Powell Says Unemployment Rate Is Still A Healthy Level; Labor Market Participation Is At A Good Level; Vacancies Still At A Pretty Strong Level; Quits Have Come Back Down To Normal Levels; Together, They All Say It Is A Solid Labor Market; Downside Risks To Employment Have Increased Though; Now In A Good Position To Manage Risks To Both Goals

BLCO

Bausch + Lomb shares are trading higher following a recent report suggesting the company is exploring a sale.

Editor&#8217;s note: This story has been updated with additional information. 
Markets are bouncing Wednesday afternoon following the Federal Reserve&#8217;s decision to cut rates by 0.5%, marking the beginning of the central bank&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40918078/is-the-fed-playing-with-fire-we-see-greater-risk-of-an-overheating-economy-as-they-">highly anticipated cutting cycle</a>.
What To Know: Wednesday&#8217;s&nbsp;0.5% rate cut brings the&nbsp;target fed funds rate&nbsp;to a new range&nbsp;between 4.75% and 5%, down from a 23-year high of 5.25% to 5.5%. It&#8217;s also the first rate cut since March 2020.
The fed funds rate has been sitting at a range between&nbsp;5.25% and 5.5%&nbsp;since the central bank last hiked in July 2023.
The SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the <a href="https://www.benzinga.com/topic/s-p-500">S&amp;P 500</a> index, was up 0.44% at all-time highs at last check, led higher by a variety of names like Arm Holdings Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>), The Trade Desk Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>) Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>), General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Marriott International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>).
The materials sector, as tracked by the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>), was showing the most strength at the time of writing, climbing approximately 0.6% following the Fed decision. The energy sector, tracked by the Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), was the weakest, down 0.3% following the rate cut. Energy stocks had performed well on Wednesday ahead of the Fed decision, which may explain some of the relative weakness in afternoon trading.
Here&#8217;s a look at how various ETFs tracking the price-weighted Dow Jones Industrial Average, tech stocks, small caps, treasuries and gold are faring following the Fed&#8217;s latest move.
<ul>
<li>SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>): up 0.38% at $418.87.</li>
</ul>
<ul>
<li>Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>): up 0.59% at $476.25.</li>
</ul>
<ul>
<li>IShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>): up 2.31% at $224.36. Small caps outperformed broader markets ahead of the rate cut and continued to outperform in afternoon trading.</li>
</ul>
<ul>
<li>IShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>): down 0.36% at $100.48.</li>
</ul>
<ul>
<li>SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>): up 0.66% at $239.02. Gold hit all-time highs following the Fed&#8217;s rate decision.</li>
</ul>
It&#8217;s also worth noting that crypto markets are volatile following the Fed decision on rates. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was down 0.86% over a 24-hour period, trading at $60,480, but well off its lows for the day, and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) was down 1.79% at $2,322. 
Check This Out: <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">Federal Reserve Delivers Bold 0.5% Rate Cut, Signals Further Easing Ahead</a>
The increased volatility is likely a result of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40883274/senator-warren-urges-fed-to-slash-rates-by-0-75-veteran-investor-warns-even-0-5-cut">uncertainty heading into the meeting</a>. According to CME&#8217;s <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">FedWatch tool</a>, the market was projecting a 61% chance of a larger 0.5% rate cut heading into the meeting versus a 39% chance of a smaller 0.25% cut.
As reported by Benzinga, the updated quarterly Dot Plot, which helps signal the Fed&#8217;s future policy intentions, indicates a more aggressive path for rate cuts than previously projected following Wednesday&#8217;s 0.5% cut. The median projection now calls for a total of 1% in rate cuts in 2024.
SPY Price Action: At the time of publication, the <a href="https://www.benzinga.com/quote/SPY">SPDR S&amp;P 500</a> was up 0.44%, trading at $565.62, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40908202/10-etfs-investors-secretly-bought-before-the-feds-make-or-break-interest-rate-cal">10 ETFs Investors Secretly Bought Before The Fed&#8217;s Make-Or-Break Interest Rate Call</a></li>
</ul>
Watch Fed Chair Jerome Powell&#8216;s press conference here: 
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S&P 500, Gold Strike All-Time Highs, Small Caps Rally After Fed Slashes Interest Rates For First Time In 4 Years (UPDATED)

In a significant market move, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surged past the $61,000 mark after the U.S. Federal Reserve announced a 50 basis point (bps) cut in interest rates, bringing the federal funds rate down to a <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40924506/savvy-trader-ensures-500-000-profit-if-the-federal-reserve-cuts-25-or-50-basis-points">range of 4.75% to 5%</a>.
What Happened: This sharp rise marked a critical point for Bitcoin, which crossed the $61,000 threshold before settling back at $60,400, a modest 0.9% decline from its high.
Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), following a similar pattern, hit a high of $2,363 before retracting to $2,335. Both cryptocurrencies saw notable activity following the Federal Reserve's surprise decision, which exceeded the anticipated 25 bps cut and ended a 12-month period of consistent rates.
The larger-than-expected cut has sparked optimism in risk asset markets, including cryptocurrencies. 
Samir Kerbage, a leading voice in the digital asset space, commented on the implications for the sector. &#8220;In the near term, we anticipate Bitcoin will respond favorably to today's decision, even as rate cuts were widely expected,&#8221; Kerbage noted.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40916462/michael-saylor-bitcoin-to-hit-13m-by-2045-will-get-us-to-a-different-place" target="_blank" rel="noreferrer noopener">Michael Saylor: Bitcoin To Hit $13M By 2045, ‘Will Get Us To A Different Place'</a>
He highlighted the interplay of macroeconomic factors, such as geopolitical tensions and upcoming election uncertainties, that also influence Bitcoin&#8217;s trajectory. However, he remains confident about the broader outlook. 
&#8220;These markets should benefit from the formalization of the Fed's dovish shift. Our long-term investment thesis for Bitcoin remains intact, and regardless of the near-term direction of monetary policy, BTC is well-positioned for growth as institutional adoption continues to gain momentum.&#8221;
The Fed's rate cut, its first in over four years, surprised many on Wall Street. 
Analysts had largely anticipated a 25 bps reduction, but the more aggressive 50 bps cut signaled a bolder approach to easing monetary conditions, in line with investor expectations for faster relief amid economic uncertainty.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40908610/whale-games-bitcoin-trader-takes-11-6m-profit-but-guess-how-much-more-theyre-sitting-on" target="_blank" rel="noreferrer noopener">Whale Games: Bitcoin Trader Takes $11.6M Profit But Guess How Much More They're Sitting On</a></li>
</ul>
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Bitcoin Spikes Above $61,000 as Fed Implements 50 Bps Rate Cut

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