Bitcoin and XRP Rise Ahead of Fed Meeting
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 1h ago- Positive Market Reaction: Bitcoin rose 2.61% in the past 24 hours to $90,168.20, reflecting optimistic market sentiment ahead of the Fed's policy meeting, which may attract more investors into the crypto space.
- Supportive Economic Data: The U.S. unemployment rate fell to 4.4% in December, with strong consumer spending sustaining economic growth, enhancing the appeal of risk assets, especially with expectations of the Fed holding rates steady.
- Weak Dollar Impact: The dollar has been under pressure ahead of the meeting, nearing multi-year lows, which could loosen financial conditions even without rate cuts, influencing global investors' perceptions of risk assets and further driving crypto prices higher.
- Concentrated Market Expectations: Markets widely expect the Fed to maintain rates at 3.5%-3.75% during the January 28 meeting, with investors closely watching Powell's press conference for hints about future rate cuts.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
