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.
The Fed’s move reinforced the market’s widespread optimism about the future of BTC spot exchange-traded funds (ETFs).
Bitcoin rises very cautiously this Friday, November 3, and fails to overcome the barrier of US$35 thousand, after hitting an annual high. For its part, Ethereum It advances $1 and remains above $1,800. At the same time, the rise of Cardano stands out, climbing almost 5%, although most of the stablecoins they fall.
All this after 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.
Cryptocurrencies: optimism grows in the market
The Labor Department report showed that 150,000 jobs were added to nonfarm payrolls in October, compared to expectations for an increase of 180,000. due in part to strikes by Detroit’s big three automakers.
Last month’s data was revised down to show an increase of 297,000, instead of 336,000, and the unemployment rate rose to 3.9% versus expectations for it to remain at 3.8%.
The figures, which follow a series of mixed jobs data this week, reinforced the view that the Federal Reserve had reached the end of its rate hikes.
Traders’ bets that the Federal Reserve will keep interest rates steady in December rose to 90% from around 83%. earlier to the data, while assessing the possibility of a cut in May, compared to previous June expectations.
It should be noted that, although the Bitcoin traditionally experienced a great intraday volatility during the FOMC decision days, that impact has been diminishing as the Fed is approaching 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
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
