Fed Key Remark Shakes Crypto Market; What's Next?
Release: 2024/06/26 23:15 Reading: 936
Bitcoin Plunges Amid Rate Hike Concerns
Bitcoin, the leading cryptocurrency by market capitalization, experienced a significant intraday decline on Monday, reaching a low of $58,528. This represented the steepest drop since mid-April, fueled by ongoing uncertainties surrounding interest rate adjustments.
As the week commenced, the crypto market faced doubts about the Federal Reserve's ability to swiftly reduce interest rates from their two-decade high. Amidst market volatility, Fed officials made impactful statements that resonated within the cryptocurrency space.
Fed Officials' Comments Dampen Rate Cut Hopes
Governor Michelle Bowman highlighted on Tuesday that the时机 was not yet opportune for interest rate reductions, cooling expectations for immediate U.S. rate cuts. She further indicated the potential for interest rate increases should inflation persist.
These remarks echoed a general sentiment within the central bank, as policymakers emphasized the need for further evidence to support their anticipation of inflation's return to the Fed's target of 2%.
Stock Market Response
The S&P 500 and Nasdaq 100 lost their initial gains following Governor Bowman's comments.
Crypto Market's Response
In contrast to the stock market's response, Bitcoin and cryptocurrencies exhibited a more subdued reaction. Bitcoin rebounded above $62,000 on Tuesday, reaching a high of $62,400.
The broader cryptocurrency market also witnessed a rise, with several cryptoassets posting gains at the time of writing. Pepe, a frog-themed cryptocurrency, surged by 9%, while Dogwifhat (WIF) advanced by 7.30%. Notcoin (NOT) experienced a 13% increase.
Bitcoin's Movement and Potential Support
Despite the initial dip, Bitcoin remained relatively stable over the past 24 hours, trading at $61,595 at press time, representing a 0.97% increase.
Historically, Bitcoin has reached highs of $73,798 in March. However, in the current quarter, it trails traditional investments such as stocks, bonds, and gold. The 200-day moving average of $57,738 may serve as a potential support level if further price declines occur.
Ongoing Monitoring
Investors and market participants closely follow the Fed's policy decisions and their implications for cryptocurrencies in the coming days.
Recent news
More>- Homosexual Pepe Solana Memecoin to Rally 18,000% Before Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- BTFD Presale Captivates Investors in the Best New Meme Coin Presales for Significant Returns as PEPE and SPX6900 Dominate the Scene Fuel the... 01-01
- Homosexual Pepe (HOMOPEPE) Solana Memecoin to Rally 18,000% Before Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- The Metrics Pointing to Massive Potential for WIF, JASMY, and PEPE in 2025 01-01
- BTFD Coin’s Presale is Unmissable Amid Pepe and Moo Deng’s Crypto Hype: Best Meme Coin Presales to Join This Week 01-01
- Homosexual Pepe (HOMOPEPE) Solana Memecoin to Rally 18,000% Ahead of Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- Crypto Gems for the Next Quarter: Top 5 Tokens to Watch 01-01
- Why $PEPE Jumped 20% Today And Which Coin Could Be Next 01-01
- Best New Meme Coins to Join for Short Term: BTFD Raises $4.7M in Presale as BONK Boasts Low-Cost Transactions and PEPE Enjoys Steady Followi... 01-01
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Missed Pepe Unchained? Don’t Worry, This New Pepe-Themed Meme Coin Will Produce Bigger Gains in 2025
- 8 Top 4 Altcoins At 70% Discounts – Last Chance!
- 9 Smart $Pepe trader makes $11.7M profit during Market Drop
- 10 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com