It has been a turbulent past few weeks for virtually every major market across the globe, with Coronavirus fears sparking an intense selloff that sent the Dow Jones, Gold, and Bitcoin all reeling lower in tandem. This correlation has shown no signs of slowing down, as the Fed just announced a 50-basis point rate cut that instantly led the US equities market and Bitcoin to surge. Shortly after this surge, however, these markets surrendered these gains, with Bitcoin plummeting back down to $8,700. Fed Announces Largest Emergency Interest Rate Cut Since 2008  Just minutes ago, the Fed announced that they would be conducting an emergency 50bps rate cut aimed at providing the markets with some much-needed stability. This interest rate reduction marks the first emergency cut that the Federal Reserve has conducted since the 2008 financial crisis, signaling that they view the economy’s current position as being precarious due to the recent week-long selloff seen across all markets – including Bitcoin. Heather Long, the Washington Post’s economic correspondent, spoke about the significance of this latest rate cut in a recent tweet, saying: “BREAKING: Federal Reserve makes an emergency 50bps interest rate cut. It’s the biggest cut since 2008 and the first emergency rate cut since 2008.” BRAKING: Federal Reserve makes an emergency 50bps interest rate cut. It's the biggest cut since 2008 and the first emergency rate cut since 2008. #economy #stocks — Heather Long (@byHeatherLong) March 3, 2020 This instantly led the Dow Jones to surge from 25,800 to highs of nearly 27,100, which is around where the rally lost its steam, with the DJI subsequently retracing back to 26,650. Bitcoin Moves in Tandem with Dow Jones, Erases Early-Morning Gains  The impacts of the 50bps rate cut were not limited to the traditional markets, as it instantly led Bitcoin and Gold to both surge alongside the Dow Jones and other benchmark indices. Bitcoin instantly surged from lows of $8,720 to highs of $8,900, with this intense rally happening at precisely the same time as the surge seen by the DJI. “Spot where the Fed rate cut was announced,” Hsaka, a prominent cryptocurrency analyst on Twitter, noted while pointing to a chart showing the crypto’s rapid rise. Spot where the Fed rate cut was announced.$BTC pic.twitter.com/oVe9l2LpWV — Hsaka (@HsakaTrades) March 3, 2020 In the time following this rally, however, BTC has since erased all of these gains, with the crypto plummeting to lows of $8,680 before climbing slightly to its current price of $8,720. One of the only assets that has been able to hold on to the rate cut-driven gains is Gold, which is currently trading up over 3%, with its uptrend showing no signs of slowing down. Featured image from Shutterstock