The post Why the Crypto Market Is Up Today? Here’s The Major Catalysts For Rally appeared first on Coinpedia Fintech News
Bitcoin, facing a sudden downturn earlier in the week that drove its value to a low of $40,000, has defied expectations with a rapid resurgence. By Wednesday, it had not only recovered its losses but also soared past the $43,000 mark.
FED Hints 2024 Rate Cuts
A key driver behind the surge in the crypto market is the recent announcement by the U.S. Federal Reserve, which decided to maintain its interest rate within the range of 5.25% and 5.50% on Wednesday. While keeping the current Fed funds rate range unchanged, they adjusted their prediction for the end of 2024, lowering it from 5.1% to 4.6%.
Looking ahead, the Fed’s latest predictions show a core inflation rate of 3.2% post-2023, down from the previous estimate of 3.7% in the last three months. Meanwhile, the outlook for real GDP growth in 2024 has also been adjusted downward, settling at 1.4%, slightly lower
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