Cryptocurrencies are trading higher after the Fed left rates unchanged, with most Fed officials expecting rate cuts in 2024-2026.
Portfolio Pulse from Benzinga Newsdesk
Cryptocurrencies have seen an increase in trading prices following the Federal Reserve's decision to leave interest rates unchanged. The sentiment is further bolstered by the anticipation of rate cuts from most Fed officials for the years 2024 to 2026.
December 13, 2023 | 7:50 pm
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POSITIVE IMPACT
Bitcoin (BTCUSD) has experienced a surge in price following the Federal Reserve's decision to maintain current interest rates and the expectation of rate cuts in the future.
Bitcoin, as a leading cryptocurrency, often reacts positively to news that suggests a more accommodative monetary policy, as lower interest rates can decrease the opportunity cost of holding non-yielding assets.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ethereum (ETHUSD) has seen its trading price increase in response to the Federal Reserve's decision to leave interest rates unchanged, with expectations of rate cuts in the coming years.
Ethereum, similar to Bitcoin, tends to benefit from a lower interest rate environment as investors look for higher-yielding alternatives to traditional investments.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 80