Fed expected to keep rates unchanged but hint at potential rate cuts, lifting cryptocurrency market sentiment

From Investing.com
July 29, 2024 2:00 PM:

Cryptocurrencies surged on Monday as equity markets rose, signaling optimism ahead of major central bank decisions. Investors await key economic data and the Federal Reserve’s meeting this week. The Fed is expected to keep rates unchanged, but investors are eager for clues on potential rate cuts. The PCE price index grew by 0.1% in June and 2.5% year-over-year.

Market sentiment lifted as BTC reached $69,520, the highest since mid-June. Expectations of Fed interest-rate cuts boosted investor sentiment. Altcoins like XRP and LTC also saw gains. The Fed meeting this week may set the stage for rate cuts, favorable for cryptocurrencies. BTC is below its all-time high but ETF inflows have driven up its value.

Read more at Investing.com: Fed Set to Release Crucial Comments for Markets, How It Impacts Crypto By U.Today