news 
Crypto Market Awaits Fed Decision, Powell’s Statement; What to Expect
The cryptocurrency market is currently in a state of anticipation as the Federal Reserve is set to make its highly-anticipated decision on interest rates and monetary policy. The market has been closely monitoring inflation data and other economic indicators, and any hint at a slower pace of rate cuts could have significant implications for cryptocurrency prices.
In recent times, investors have been cautious about pouring more funds into riskier assets such as cryptocurrencies due to concerns about persistent inflation and a slowing economy. Any indication that the Fed might slow down its pace of rate cuts could lead to a surge in investor sentiment and a subsequent increase in crypto prices.
According to Tomiwabold Olajide, a cryptocurrency analyst, the market is expected to react accordingly based on Powell’s statement. “We are closely monitoring the situation and will adjust our investment strategies based on Powell’s comments,” he noted.
In Monday’s trading session, Bitcoin surged to a new all-time high, with its price reaching $106,554 in early trading before settling at around $103,926. The surge is likely attributed to increased optimism surrounding the market sentiment following recent inflation data and macroeconomic indicators.
Ethereum also rose 1.62% over the past day, while most other cryptocurrencies were trading lower. XRP, Shiba Inu, Toncoin, and BONK fell between 2% and 4%, with SUI, BGB, Fantom, and RUNE gaining 4% to 15%.
It remains to be seen how Powell’s statement will impact the market in the coming days.
Source: u.today
