CRYPTO NEWS: FED MINUTES IMPLY TO LESSEN INTEREST RATE HIKES.

FED MINUTES IMPLY TO LESSEN INTEREST RATE

AS FED MINUTES IMPLY TO LESSEN INTEREST RATE HIKES, BITCOIN AND OTHER CRYPTOCURRENCIES INCREASE. THE U.S. FEDERAL RESERVE RELEASED MEETING MINUTES ON WEDNESDAY, INDICATING THAT IT IS LOOKING TO LIMIT THE RATE OF INTEREST RATE HIKES AS THE PROSPECT OF RECESSION DEVELOPS. 

AS A RESULT, BITCOIN AND ETHER WERE BOTH TRADING HIGHER DURING THURSDAY MORNING TRADE IN ASIA. WITH THE EXCEPTION OF STABLECOINS, EVERY OTHER TOP 10 CRYPTOCURRENCIES BY MARKET CAPITALIZATION INCREASED, WITH SOLANA AND LITECOIN RECORDING THE LARGEST RISES.

FED MINUTES IMPLY TO LESSEN INTEREST RATE HIKES:

FED MINUTES IMPLY TO LESSEN INTEREST RATE
AS FED MINUTES IMPLY TO LESSEN INTEREST RATE HIKES, BITCOIN AND OTHER CRYPTOCURRENCIES INCREASE

KEY FACTS:

  • ACCORDING TO COINMARKETCAP, IN THE 24 HOURS LEADING UP TO 8 A.M. IN HONG KONG, BITCOIN INCREASED 2.5% TO US$16,611 AND ETHER INCREASED 4.2% TO TRADE AT US$1,183.
  • SOLANA, WHICH WAS ORIGINALLY RANKED FOURTH BY MARKET SIZE, INCREASED 15.2% TO US$14.34, REVERSING A FEW DAYS OF CONTINUOUS LOSSES. THIS IS BECAUSE ALAMEDA RESEARCH, A SISTER COMPANY OF FTX, HAD SIGNIFICANT AMOUNTS OF THE TOKEN IN ITS RESERVES, MAKING SOLANA ONE OF THE MOST SEVERELY AFFECTED CRYPTOCURRENCIES BY THE COLLAPSE OF FTX. SINCE THE BEGINNING OF THE MONTH, THE TOKEN HAS DROPPED BY 56%.
  • WITH GAINS OF 12.1% TO TRADE AT US$7.98 AND GAINS OF 37.7% OVER THE PREVIOUS SEVEN DAYS, LITECOIN KEPT ON ITS PRICE SURGE. INVESTORS SEEKING SECURITY IN AN UNSTABLE ENVIRONMENT MAY BE TO BLAME FOR LITECOIN’S RECENT SUCCESS.
  • THE PRICE OF BNB, A NATIVE TOKEN OF THE CRYPTOCURRENCY EXCHANGE BINANCE GLOBAL INC.’S BSC, INCREASED 12% TO US$298.42, THE HIGHEST IT HAS BEEN SINCE SHORTLY AFTER FTX FILED BANKRUPTCY. CHANGPENG ZHAO, THE CEO OF BINANCE, WAS INSTRUMENTAL IN THE DEMISE OF FTX. IN EARLY NOVEMBER, HE STATED BINANCE WAS SELLING ITS HOLDINGS IN FTX’S NATIVE TOKEN, FTT, WHICH SPARKED A TOKEN BANK RUN.
  • FOLLOWING THE PUBLICATION OF THE MEETING MINUTES FROM NOVEMBER, U.S. STOCKS INCREASED. IN ADDITION TO THE S&P 500 INDEX AND NASDAQ COMPOSITE INDEX, THE DOW JONES INDUSTRIAL AVERAGE INCREASED BY 0.3%, 0.6%, AND 1% RESPECTIVELY.
  • AS PER THE MINUTES, FED MEMBERS DECIDED THEY WOULD SOON START SLOWING DOWN THE RATE AT WHICH INTEREST RATES RISE DUE TO WORRIES THAT A RECESSION WAS BECOMING MORE LIKELY. THE OFFICIALS CLAIMED THAT SLOWING THIS RATE WOULD GIVE THEM TIME TO ASSESS THE ECONOMY’S RESPONSE TO THE RECENT INTEREST RATE INCREASES, WHICH TAKE TIME TO HAVE A SUBSTANTIAL IMPACT.
  • IN AN EFFORT TO CURB INFLATION, THE FED HAS BEEN RISING INTEREST RATES EVER SINCE MARCH OF THIS YEAR, TAKING THEM FROM CLOSE TO ZERO TO A 15-YEAR HIGH OF BETWEEN 3.75% AND 4%. THE FEDERAL RESERVE HAS INDICATED THAT IT WILL KEEP RAISING INTEREST RATES UNTIL INFLATION HITS ITS 2% TARGET RANGE.
  • THE FINAL INTEREST RATE, ACCORDING TO OFFICIALS, IS GREATER THAN THEY HAD ANTICIPATED; RECENT PRONOUNCEMENTS HAVE SUGGESTED THAT IT MAY EVEN APPROACH 5%. DESPITE THE FACT THAT THE CONSUMER PRICE INDEX SHOWED INFLATION CONTINUING AT 7.7% IN OCTOBER, DOWN FROM 8.2% IN SEPTEMBER, THEY ALSO CLAIMED TO SEE LITTLE SIGNS OF IT SLOWING DOWN.

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CRYPTO NEWS: FED MINUTES IMPLY TO LESSEN INTEREST RATE HIKES.

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