Dovish Fed Minutes Sees Cryptocurrency Market Lose $11 Billion in 5 Hours

Author : Sunil Kumar   1 week ago  

Federal Reserve is close to the end of neutralizing interest rates after December hike. US stocks, forex instruments, and Gold extended gains Wednesday, but correcting Thursday. Bitcoin, Ethereum, XRP and the rest of the crypto market react negatively. Federal Reserve released the minutes of its December meeting which revealed that they would follow a wait-and-watch approach towards their interest rate hike plans. The US central bank suggested in December moderate rate hikes (up to 2.8 percent) but preferred to implement them only if warranted. The Federal Open Market Committee (FOMC) confirmed that their rates were close to the range of its long-term neutral interest rate – implying a pause in their hikes. At the same time, the Fed highlighted that market tightening and global economic slowdown have made it difficult to assert future policymaking.

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