The Federal Reserve announced a 50 basis point cut in the federal funds interest rate to 4.75%-5.00%, and the encryption market responded with a sharp rise, with BTC breaking through $62,500. Longer institutions experts predict that there may still be further interest rate cuts this year, with a cumulative reduction of 76 basis points by the end of 2024. The most discussed topic in the market is when the next rate cut will happen. CME's "Fed Watch" states that the probability of a 25 basis point rate cut by the Fed in November is 62.2%, while the probability of a 50 basis point rate cut is 37.8%.