Crypto market remains bullish following Fed rate cut

Share This Post

Following a meeting on Nov. 7, the Fed’s Federal Open Market Committee (FOMC) cut the US interest rate by another 25 basis points (bps), lowering it to 4.5% from 4.75%. The crypto and equities markets remained unfazed, as investors likely already priced the cut.

According to CryptoSlate data, Bitcoin (BTC) has been up 1% over the past 24 hours, and its current price is $76,644.57. Meanwhile, Ethereum (ETH) registered a more significant upward movement of 7.4%, reaching $2,888.21.

Solana (SOL) is inching close to $200 after growing 4.6% daily. The crypto market cap is up 1.3% in the same period, nearing $2.7 trillion.

Tokens related to real-world assets (RWA) protocols grew 11% in the past 24 hours and are leading the gains. According to data aggregator Artemis, this is nearly five times larger than the average market performance of 2.3%.

Moreover, the US equities market remained relatively steady following the FOMC announcement, with the S&P 500 rising 0.9% today and the Nasdaq index increasing by 1.62%. Notably, the indexes registered gains before the rate decision.

Uncertainty remains

The Fed Chairman, Jerome Powell, stated that the economic activity continues to expand steadily, though the outlook remains uncertain. He added that the labor market has eased somewhat, with a slight increase in the unemployment rate, which remains low overall.

Powell added that inflation is progressing toward the Fed’s 2% target, but the number is still high. 

The Fed chair said that future rate decisions will depend on incoming data, economic outlook, and the balance of risks to employment and inflation. Nevertheless, “one or two” months of displaying unfavorable data will not affect the Fed’s rate decisions.

Addressing the government change, the Fed Chair said the election result will not affect the rate policy in the near term.

The post Crypto market remains bullish following Fed rate cut appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

From Premiums to Discounts: Bitcoin’s Wild Ride Splits Global Markets

In the past week, the crypto market has been buzzing with action, with bitcoin smashing its way to a new all-time high of $99,800 per coin on Thursday Data reveals an intriguing dynamic during this

XRP Analyst Sets $2 Target If It Holds Key Level – Can It Reach Multi-Year Highs?

XRP has emerged as a standout leader in the recent crypto rally, delivering massive gains and fueling optimism among investors The price has skyrocketed by an astonishing 225% in under three weeks,

Latam Insights: El Salvador’s Bitcoin Debt Idea, Milei’s MAGA

Welcome to Latam Insights, a compendium of the most relevant crypto and economic news from Latin America over the past week In this issue, Max Keiser floats an idea to allow El Salvador to acquire

XRP Below $1? Not Happening, Claims Millionaire Analyst

Ripple’s XRP has traded below the $1 level for nearly three years, affected primarily by the cases filed by the US Securities and Exchange Commission (SEC) Even during the mini bull run immediately

Howard Lutnick’s Firm, Cantor Fitzgerald To Work With Tether For $2B Project

The post Howard Lutnick’s Firm, Cantor Fitzgerald To Work With Tether For $2B Project appeared first on Coinpedia Fintech News As per the latest Bloomberg report, Financial services firm Cantor

As BTC Approaches $100K, Tether mints an additional $3 billion in USDT Tokens

The post As BTC Approaches $100K, Tether mints an additional $3 billion in USDT Tokens appeared first on Coinpedia Fintech News As Bitcoin approached the $100,000 price level, Stablecoin issuer