Federal Reserve Maintains Interest Rates, Boosting Crypto Market Confidence
The Federal Reserve decided to keep interest rates steady at 4.25-4.5%, positively impacting the crypto market with significant gains for Bitcoin, XRP, and Ethereum. Chairman Powell affirmed economic growth, despite inflation concerns. This decision came amidst political pressures and following Trump’s advocacy for lower interest rates.
The U.S. Federal Reserve (Fed) maintained interest rates steady for the second time in a row, offering relief for the cryptocurrency market. Major cryptocurrencies, including Bitcoin (BTC), XRP, and Ethereum (ETH), registered modest gains in the past day as a result of this decision.
In its latest meeting, the Federal Open Market Committee (FOMC) announced that the federal funds rate would remain unchanged at 4.25-4.5%. Chairman Jerome Powell noted that the U.S. economy is experiencing steady growth and a decrease in unemployment, although inflation has not yet reached the Fed’s target levels.
This decision comes in the context of heightened economic uncertainty following recent policy moves by former President Trump, who has called for interest rate reductions to alleviate economic pressures. Despite this political pressure, Powell reinforced the Fed’s commitment to making decisions based on economic data rather than external influences.
In response to the Fed’s rate decision, market sentiment shifted positively, with Bitcoin rebounding to approximately $87,400, the highest level since early March. Additionally, XRP surged nearly 15% in the past 24 hours, reflecting increasing investor confidence in the crypto market, alongside ETH also witnessing gains.
The Federal Reserve’s decision to keep interest rates steady has generated positive momentum in the cryptocurrency market, particularly benefiting major coins like Bitcoin and XRP. While the economic landscape remains uncertain due to political factors, the Fed’s focus on data-driven decisions underscores its independence. As a result, investors appear more optimistic about the future of cryptocurrencies in light of this stabilizing news.
Original Source: nftevening.com
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