Crypto market eagerly awaits Fed decision and Powell's comments, with potential positive impact expected.

From Investing.com

December 16, 2024 3:00:19 PM:

The cryptocurrency market is eagerly awaiting the Federal Reserve’s decision and Fed Chair Jerome Powell’s comments this week, with markets already pricing in a 97% chance of a 25-basis-point interest rate decrease. Other economic data to be released includes retail sales, initial jobless claims, and GDP growth rate. The Fed is currently in a blackout period leading up to the FOMC meeting.

Investors are watching for clues about future interest rate decisions from Powell’s press conference and the updated policy statement, as a rate cut and positive comments could boost the cryptocurrency market. However, a slower rate cut or concerns about inflation could lead to a negative market reaction. Bitcoin recently reached a new all-time high, while other cryptocurrencies experienced mixed price action in Monday’s trading session.

The outcomes of the Fed’s decisions and Powell’s insights will likely shape market sentiment in the days ahead.

Read more at Investing.com: Crypto Market Awaits Fed Decision, Powell’s Statement; What to Expect By U.Today