- Fed Chair Jerome Powell hints at pausing future interest rate hikes, emphasizing the resilience of the US economy amidst global challenges.
- Crypto market responds positively with a 3% uptick, Bitcoin eyes $30,000, and major altcoins follow suit.
Fed’s Anticipated Stance on Interest Rate Hikes
During an articulate address in New York this Thursday, Federal Reserve Chair Jerome Powell shed light on the potentially stable landscape of interest rates in the upcoming monetary phase. Deductively, should the inflation trajectory maintain its recent course and long-term Treasury yields persist at their heightened levels, the Federal Reserve may opt to withhold its consecutive series of interest rate elevations.
Crypto Enthusiasm Amidst Monetary Predictability
The central banker’s discourse mirrored similar stances held by his contemporaries, pointing towards a shared predilection for retaining the short-term interest rates as they are in the impending meeting set for October’s end and the dawn of November.
Navigating the monetary waters amidst existing market uncertainties is no facile task. Elaborating on this, Powell underscored the intricate balance between excessive and inadequate tightening, while lauding the US economy’s tenacious nature in navigating the labyrinth of global macroeconomic obstacles. Further accentuating the positive undertones, Powell highlighted indicators like subdued inflation and robust demand.
Even as Wall Street held a more reserved stance towards these observations, the cryptocurrency domain reveled in optimism.
The broader crypto spectrum witnessed a 3% ascension, with Bitcoin parading a similar trajectory. Current projections place Bitcoin at a 3.3% increment, targeting the $30,000 bracket. In light of this optimistic stance, data reveals that BTC traders are cultivating long positions.
Moreover, altcoins have not shied away from partaking in this festivity. One significant propulsion agent was the recent turn in the ongoing XRP lawsuit. Thursday’s announcement by the U.S. SEC to absolve Ripple executives of charges catapulted XRP’s value, registering an impressive 8% spike to reach $0.52. Concurrently, other altcoins, such as Solana (SOL), have marked a 10% growth, signaling their burgeoning potential, potentially ushering in the next formidable bull phase in the crypto universe.