Wednesday’s announcement of the widely expected 25 basis point rise in the interest rate led to a higher move in cryptocurrencies.
No surprises in FOMC meeting
There was probably never going to be any surprises yesterday for the interest rate or indeed for Fed Chairman Jerome Powell’s performance afterwards. The 25 basis point rate rise was announced, and Powell didn’t say anything to make markets jittery.
Powell commented on what he saw as “robust” job gains over recent months leading to low unemployment. However, he did remark that the Fed “remains highly attentive to inflation risks”, no doubt taking into account the rise in energy prices once again.
Therefore, from a crypto point of view, things were quite stable and prices moved up as a result, albeit not in a particularly strong fashion. After a bit of a dump on Monday, the trend has remained to the upside.
Bitcoin is continuing to follow an up channel on the short time frame, although having fallen out of the range
We współpracy z: https://cryptodaily.co.uk/2023/07/fomc-meeting-is-catalyst-for-higher-move-in-crypto
