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Crypto Market Awaits Fed Decision, Powell’s Statement; What to Expect
As the Federal Open Market Committee (FOMC) cut its overnight borrowing rate by 25 basis points and signaled a likely reduction in two more cuts in the coming years, the crypto market took a hit. This latest move from the Fed has sent shockwaves through the global economy.
As reported by U.Today, the FOMC has opted to slash its interest rates once again, bringing it back down to 4.25%-4.5%. This significant change was accompanied by a hint that more rate cuts may be in store for 2025, prompting a steep decline in cryptocurrency prices.
Source: u.today
