Federal Reserve hints at rate cuts, leading to surge in cryptocurrencies like Bitcoin, Ethereum, and Stellar

From Investing.com

November 27, 2024 12:30 PM:

The Federal Reserve released minutes from their November meeting, indicating confidence in falling inflation and potential future interest rate cuts. Officials mentioned gradual decreases, with the benchmark lending rate currently at 4.50% to 4.75%. The Fed plans to move gradually towards a more neutral policy stance. The next meeting is scheduled for Dec. 17-18.

Cryptocurrencies surged following the Fed’s meeting minutes, with Bitcoin reaching $93,000 after a brief dip. Assets like Ethereum, Litecoin, and Stellar saw gains, with Aave and Algorand up 13% and Zcash rising 23%. Investors are watching for key inflation data and other economic indicators ahead of the December meeting, with expectations of a rate cut.

Read more at Investing.com: Crypto Market Responds By U.Today