The benchmark federal funds rate stayed in a target range of 3.5% to 3.75%, a third consecutive hold, with the committee citing “developments in the Middle East” as a key source of economic uncertainty. The vote itself was the more interesting tell — an 8-4 split, with Governor Stephen Miran pushing for an immediate cut…
Bitcoin, Ethereum, XRP, and Dogecoin saw rapid declines after Federal Reserve Chair Jerome Powell announced an interest rate cut but made Hawkish comments about 2025. Despite the expected rate cut adjustment, Powell’s indication that the Fed would adopt a cautious approach to further rate cuts in 2025 appears to have rattled investors, pushing them away…
Federal Reserve Chair Jerome Powell took aim at Bitcoin on Monday, dismissing it as an unsuitable currency while likening it to "virtual gold," which is being seen as an endorsement of Bitcoin. Speaking at the New York Times DealBook Summit, Powell criticized Bitcoin’s volatility and its limited use in everyday transactions. “People aren’t using it…
Bitcoin steady as the U.S. Federal Reserve opts to keep its benchmark fed funds rate range unchanged at 5.25% to 5.5% and ETFs continued to witness strong volume After two weeks of a slow downtrend following the approval of the Bitcoin Spot ETFs, Bitcoin staged a mini-recovery earlier this week reaching $43,707 on Wednesday –…
On Friday, cryptocurrencies surged, with Bitcoin (BTC) surging through the $60,000 threshold, bolstered by substantial gains across traditional markets. Source: BNC Bitcoin Liquid Index This price movement coincided with a rise in U.S. stocks, as the S&P 500 came within less than 1% of its July record high shortly before the market closed. Gold continued…
The Federal Reserve finally blinked. On Wednesday, as almost everyone on Wall Street had already predicted, the U.S. central bank trimmed the federal funds rate by 0.25%, lowering its target range to 4.00%–4.25%. The move came against a backdrop of souring economic data, nervous investors, and relentless political pressure from Donald Trump, who has made…
In a widely anticipated move, the U.S. Federal Reserve opted to keep its benchmark fed funds rate range unchanged at 5.25% to 5.5% during the Federal Open Market Committee (FOMC) meeting on Wednesday. However, in a simultaneous adjustment, the central bank revised its rate outlook for the year-end of 2024, lowering it from 5.1% to…
Bitcoin fell sharply below $98,000 on Thursday as the U.S. Federal Reserve’s surprisingly hawkish policy outlook weighed on the broader cryptocurrency market. The world’s largest digital asset, which had approached record territory earlier this month, was trading at just above $97,000 in afternoon trading, reflecting lingering investor caution following a rate decision that signaled fewer…
Bitcoin dropped 2% to $65,122, following the Fed’s latest monetary policy meeting, rate cuts are still expected eventually, but uncertainty is growing. Bitcoin dropped 2% to $65,122, ahead of the monthly close following the Fed’s latest monetary policy meeting. The U.S. Federal Reserve opted to maintain its benchmark fed funds rate at the range of…
When Facebook (later Meta) announced its ambitious Libra project in 2019, it was pitched as a groundbreaking effort to revolutionize the global financial system. Spearheaded by David Marcus, a former PayPal executive, the project aimed to create a blockchain-based digital currency that would facilitate real-time, low-cost international transactions. However, the project ultimately failed to launch,…