Following today’s Federal Open Market Committee (FOMC) meeting, where the U.S. central bank kept interest rates steady at 4.25%-4.50%, the crypto markets are seeing a slight uptick.
Bitcoin (BTC) has increased by 4.5% in the past 24 hours and is now priced at $85,500, reaching its highest level since March 9.
The CoinDesk 20, which tracks the top 20 cryptocurrencies by market capitalization excluding stablecoins, memecoins, and exchange coins, has risen by 6%. Ether (ETH) and Solana (SOL) have both surged by 7%, while Ripple’s XRP token has seen a 10% increase following CEO Brad Garlinghouse’s announcement that the SEC is planning to drop its case against the company.
Crypto stocks, including bitcoin mining companies like Bitdeer (BTDR) and Core Scientific (CORZ), are also performing well, with gains of 10% and 8% respectively. Bitdeer’s progress in its ASIC manufacturing process and Tether’s increased stake in the company to 21% have likely contributed to its rise, while Core Scientific may be benefiting from CoreWeave’s IPO filing earlier this month.
Despite the positive market reaction to the FOMC meeting, with Nasdaq, S&P 500, and Dow Jones all gaining 1% or more, some analysts remain skeptical. Economist Mohamed A. El-Erian expressed doubts about the transitory nature of tariff-related inflation, cautioning against premature confidence in the Fed’s assessment.
Gold prices continue to climb, surpassing $3,000 and reaching a new record above $3,050. Market strategist Callie Cox suggested that the Fed’s signaling of potential rate cuts could negatively impact stocks, indicating a shift away from a soft landing approach.
