From Investing.com

November 8, 2024 11:30 AM:

Fed Chairman Jerome Powell’s post-meeting press conference sparked market interest. Powell avoided offering clear guidance on future rate cuts, keeping options open for December. He emphasized the economy’s strength and the need to bring rates back to neutral levels. Stocks surged, with the S&P 500 set for a record close.

The Federal Reserve announced a 25-basis-point interest rate cut, now at 4.50%-4.75%. Markets anticipated the move, favoring “risk-on” assets like cryptocurrencies. Bitcoin extended gains, set for a fourth day of positive performance. Other cryptos also saw increases, benefiting from the low interest rates.

Bitcoin rose 2% to $76,259, while ADA and Cronos gained 9% and 25%. Jupiter, Pyth, Neiro, and GOAT saw gains of 10% to 13%. Another Fed meeting is scheduled for Dec. 17-18, with a 75% chance of another rate cut priced in by traders.

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