Cryptocurrency Prices Rebound Following Fed Chair Jerome Powell's Address
Wednesday, 1 May 2024, 19:22
Crypto Markets Soar as Powell Addresses Federal Reserve
Following the Federal Reserve's decision to keep interest rates unchanged, Bitcoin, Ethereum, and Solana witnessed notable price upticks, reflecting investor optimism.
Fed Chair Powell's Remarks on Monetary Strategy
- Pace of Balance-Sheet Reduction: The Fed announced a slower reduction in its balance sheet starting June, aiming to enhance response capabilities to market dynamics.
- Maintaining Interest Rates: Powell expressed concerns over persistent inflation and signaled the readiness to maintain a cautious monetary strategy.
Such stability in interest rates led to increased investments in cryptocurrencies and other riskier assets, with Bitcoin surging by 5%, Ethereum climbing 5.02%, and Solana seeing an 11% increase.
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