Price: $0.38703 -0.1779%
Market Cap: 56.85B 1.7621%
Volume (24h): 8.56B 0.4%
Dominance: 1.7621%
Price: $0.38703 -0.1779%
Market Cap: 56.85B 1.7621%
Volume (24h): 8.56B 0.4%
Dominance: 1.7621% 1.7621%
  • Price: $0.38703 -0.1779%
  • Market Cap: 56.85B 1.7621%
  • Volume (24h): 8.56B 0.4%
  • Dominance: 1.7621% 1.7621%
  • Price: $0.38703 -0.1779%
Home > Information news > Fed Chair Delivers Crucial Comments for Crypto Markets

Fed Chair Delivers Crucial Comments for Crypto Markets

Release: 2024/08/24 01:10 Reading: 463

Original author:U.Today

Original source:https://coinmarketcap.com/community/en/articles/66c8a63ee2e0fc3032535d8c

Fed Chair Delivers Crucial Comments for Crypto Markets

Federal Reserve Indicates Potential Interest Rate Adjustments

In a recent speech at the Federal Reserve's annual retreat, Chair Jerome Powell signaled the possibility of policy adjustments.

"The time for policy adjustment has arrived," Powell stated. "The direction is clear, and the timing and pace of rate cuts will be determined by economic data, the evolving outlook, and the balance of risks."

Powell highlighted progress on inflation but did not specify a timeframe or extent for potential rate reductions.

Market Reactions

Financial markets anticipate Fed rate cuts in September. Cryptocurrency markets responded positively, with Bitcoin and the majority of digital assets trading higher.

Specific Market Movements

As of the time of writing, several cryptocurrencies experienced significant gains:

  • Shiba Inu: 3-8% increase
  • Dogecoin: 3-8% increase
  • Aptos: 3-8% increase
  • SUI: 7-10% increase
  • Immutable X: 7-10% increase
  • Thorchain (RUNE): 7-10% increase
  • Bitcoin: 2% increase to $61,665

Outlook

Markets expect a rate cut at the September Fed meeting, as indicated by CME Group's FedWatch tool. However, the magnitude of potential cuts remains uncertain.

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