Cryptocurrencies Surge Ahead of Fed Decision

September 17, 2024 12:38 PM PDT | By Team Kalkine Media

Cryptocurrencies Surge Ahead of Fed Decision — Image source: Shutterstock

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Headlines

Bitcoin, Ethereum, and Fantom see significant price increases as the Federal Reserve’s interest rate decision looms.
Traders are anticipating a possible half-point interest rate cut, boosting sentiment in the cryptocurrency market.
Former President Donald Trump’s new crypto project adds additional excitement and visibility to the sector.

Cryptocurrencies experienced notable gains today in anticipation of the Federal Reserve's upcoming decision on interest rates and its impact on financial stocks. Bitcoin, the leading cryptocurrency, surged approximately 5.4% to exceed $61,000Ethereum, the second-largest cryptocurrency, saw a 4% increase, trading just above $2,350Additionally, the altcoin Fantom rose 9.3% to about $0.57 by 2:35 p.mET.

Market participants are increasingly predicting that the Fed will opt for a half-point rate cut in its decision tomorrowAccording to CME Group's FedWatch tool, there is now a 65% probability of a half-point reduction, with a 35% chance of a quarter-point adjustmentThis marks a significant shift from last week's expectations, where a quarter-point cut was more likely.

A half-point rate cut could be advantageous for cryptocurrencies, as lower interest rates typically encourage investment in riskier assets and contribute to a weaker dollarHistorically, such conditions have been favorable for Bitcoin and other cryptocurrencies.

In addition to market speculation, former President Donald Trump has announced new details about his family's crypto projectLaunched by World Liberty Financial, this platform will offer services for borrowing, lending, and investing in various cryptocurrenciesTrump’s recent comments on the social media platform X about the venture, including the introduction of a token named WLFI, are generating additional interestWith Trump’s substantial social media following, this development could further amplify interest in the cryptocurrency sector today.

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