The US central bank decided to pause for the second consecutive meeting and left the price of money in the range between 5.25% and 5.5% as expected by consensus.
He Bitcoin rebounds strongly with a rise of more than 1.6% this Thursday, November 1, which leads it to climb to a new annual maximum of US$35,919.84. For its part, Ethereum exceeds US$1,800 and the advances of Solana stand out by 9.2%, followed by Cardano (6.5%) and Binance Coin (2.5%).
The reason that motivated this new escalation has been none other than the last decision of monetary policy of the Federal Reserve (Fed). The US central bank decided to pause for the second consecutive meeting and left the price of money in the range between 5.25% and 5.5% as expected by consensus. This move not only boosted crypto prices, but also the US equities.
The decision of Federal Open Market Committee The FOMC also included an upgrade in the overall assessment of the U.S. economy, which has proven more resilient than officials expected.
Likewise, the president of the Fed, Jerome Powell He stressed that the central bank is not contemplating at the moment making any cut in the interest rates and that they will decide meeting by meeting”, always doing “what they consider appropriate at all times”.
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Cryptocurrencies: optimism grows in the market
Despite this evening ‘hawkish’ warning, The market seems to be clear that the Fed will not carry out the additional increase that has been showing for weeks.
“The Fed is likely done after maintaining the rates at their highest level in 22 years. The Fed did not rule out a rate hike in the coming months, but swap contracts showed that traders were not convinced, explains Edward Moya, senior markets analyst at OANDA.
It should be noted that, although the bitcoin traditionally experienced a great intraday volatility During the FOMC decision days, that impact has been decreasing as the Fed approaches the end of its rate hike cycle, as explained by K33 Research.
The Fed’s move reinforced the feeling of optimism widespread prevailing in the market for the future of BTC spot exchange-traded funds (ETFs). While many experts believe that the latest developments will allow the leading cryptocurrency to finish the year strong, others believe that the lack of market fundamentals makes the rises “overblown” and a correction imminent.
Source: Ambito
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