On July 12, 10x Research founder Markus Thielen said in a report that if the Federal Reserve cuts interest rates in September 2024 solely because of inflation concerns, it may be a short-term positive for Bitcoin. However, if interest rates are cut due to economic growth concerns, whether in September or later, Bitcoin may face tremendous selling pressure. In addition, Wells Fargo Investment Institute strategists said that the arrival of the Federal Reserve rate cut cycle often coincides with a sharp decline in the stock market. Since 1974, the average stock market has fallen by about 20% in the 250 days following the first Fed rate cut. "This means that cryptocurrency traders should be wary of signs of weakness in the U.S. economy.