Bitcoin and Ethereum Attempt to Recover Following Federal Reserve Announcement

Bitcoin and U.S. equities experienced a boost on Wednesday as investors analyzed remarks made by Federal Reserve Chairman Jerome Powell following the central bank’s decision to maintain stable interest rates at its recent policy meeting.
The S&P 500 saw a gain of approximately 0.9%, while both the Dow Jones Industrial Average and Nasdaq Composite surged by over 1%. Share prices saw a significant increase after Powell stated that “the next policy move is unlikely to be a rate hike.”
The Current State of the Cryptocurrency Market
Following a decline close to $56,600, the price of Bitcoin encountered difficulties in surpassing the $59,500 resistance level. Currently, BTC is trading at $58,300, reflecting a 3% decrease. Meanwhile, most major altcoins are making efforts to recover.
ETH gained momentum and surpassed the $3,000 mark, currently priced at $2,975.35. XRP is currently consolidating gains above $0.50, while ADA is approaching the $0.46 level. Solana is quoted at $133.06, experiencing a 7% increase.
Disclaimer:
The opinions and views expressed by the author or any individuals mentioned in this article are solely for informational purposes and should not be considered as financial, investment, or any other form of advice. Investing or trading cryptocurrencies carries the risk of potential financial loss.
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