Crypto markets are experiencing a modest move to the upside following today's Federal Open Market Committee (FOMC) meeting
Crypto markets moved into positive territory following today’s Federal Open Market Committee (FOMC) meeting, in which the U.S. central bank left interest rates steady at 4.25%-4.50%.
Bitcoin (BTC) has risen 4.5% in the last 24 hours and is now trading for $85,500, its highest point since March 9. The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization except for stablecoins, memecoins and exchange coins — is up 6%. Ether (ETH) and solana (SOL) have both surged by 7%, while Ripple’s XRP token has risen 10% off the back of CEO Brad Garlinghouse’s announcement that the Securities and Exchange Commission (SEC) is planning to drop its case against the company.
Crypto stocks are also doing relatively well, especially bitcoin mining companies like Bitdeer (BTDR) and Core Scientific (CORZ), which are up 10% and 8% on the day, respectively. Bitdeer is likely buoyed from the technological progress it recently made in its ASIC manufacturing process, as well as from the news that stablecoin giant Tether was increasing its stake in the company to 21%.
Core Scientific, meanwhile, is potentially reaping the benefits of AI firm CoreWeave (Core Scientific’s main customer) filing for an initial public offering earlier in the month. Even so, both companies are down more than 61% and 53% since January and November respectively.
Federal Reserve Chair Jerome Powell said that tariff-related inflation was likely to be transitory and that recession risks remained low. And despite the market reacting positively to the meeting — Nasdaq, S&P 500 and Dow Jones all gained 1% or more — market commentators weren’t necessarily convinced.
“The word — ‘transitory’ — is back at the Federal Reserve as Chair Powell characterizes the price effects of tariffs as a one-off,” economist Mohamed A. El-Erian posted on X. “I would have thought that, particularly after the big policy mistake of earlier this decade and given all the current uncertainties, some Fed officials would show greater humility. It’s simply too early to say with any regress of confidence that the inflationary effects will be
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
