Dow Jones Drops After Fed Rate Cut, What’s This Mean for Bitcoin?

July was yet another strong month for the stock markets despite looming threat of a coming economic recession, with the Dow, Nasdaq, and S&P 500 all close to beating out their average monthly gains for the calendar month. Bitcoin, however, has spent much of July locked in a downtrend.
This morning as the Fed monetary policy meeting met its deadline to cut rates, the Dow Jones Industrial Average dropped sharply over the news. Around the same time, Bitcoin spiked above its local lows and could