Bitcoin and Crypto Turn Jittery on Fed Chair’s Interest Rate Cut Comments
Bitcoin price recovered quickly after a dip to $61,500 following Fed Chairman Jerome Powell’s comments about keeping interest rates unchanged.
Bitcoin price recovered quickly after a dip to $61,500 following Fed Chairman Jerome Powell’s comments about keeping interest rates unchanged.
Analysts are bullish for Bitcoin to hit new all-time highs, amid the strong bounce back, before the Bitcoin halving event 2024 in April.
A little-noticed SEC filing from Morgan Stanley has the potential to shake up trillions of dollars in ETF and mutual fund assets.
The stock market reacted negatively to the Fed Chair’s comment indicating that the apex bank was uninterested in rate cuts until after March.
According to Powell, its is unlikely that the Fed will be ready to cut interest rates at the March meeting.
There was a general rise in the Dow, S&P 500 and Nasdaq Composite indexes following hints that the Fed policy would favor the general market.
With the US inflation having eased without significant unemployment, the Fed unanimously agreed to hold the borrowing rate between 5.25 and 5.5 percent for the third consecutive time.
As the crypto market braces for the Federal Reserve’s decision, traders are showing caution, evidenced by a 40% drop in trading volume over the last 24 hours.
The gains have come while traders await the conclusion of the final Fed meeting of 2023.
Several market analysts believe that the Gold price rally can continue further with the potential to hit $2,2000 by the end of 2024.