Bitcoin (BTC) continued its upward trajectory, inching toward $86,000 as the broader crypto markets staged a recovery in the past 24 hours. XRP led gains among majors, jumping 10% in a positive sign for the market.
The rise in BTC came after the Federal Open Market Committee (FOMC) meeting on Wednesday, where the Fed decided to keep rates intact but lowered growth outlooks until 2027. This news seemed to buoy the market sentiment and push BTC higher.
Meanwhile, Ether (ETH) remained relatively stable after a sudden 7% jump late Wednesday, ending the day up 3%. Other altcoins like Solana’s SOL, dogecoin (DOGE), and BNB Chain’s BNB also showed modest gains under 6%, while Uniswap’s UNI surged 8% following the approval of a $165 million foundation funding proposal.
XRP saw a notable increase, jumping as high as 12% before retracing some of its gains. This surge came after Ripple Labs announced that it had settled its legal battle with the U.S. Securities and Exchange Commission (SEC), bringing an end to the case. Additionally, Bitnomial revealed plans to launch futures tied to XRP for local investors in the U.S., marking a significant development for the token.
In the political arena, President Donald Trump called for the Fed to cut interest rates in light of the upcoming reciprocal tariffs set to take effect on April 1. Trump’s national economic adviser, Kevin Hassett, also expressed optimism about a higher growth rate compared to the Fed’s projections.
Despite the recent rally in the crypto markets, traders remain cautious and view the current price action as a relief bounce. Augustine Fan, head of insights at SignalPlus, noted that the market is stabilizing after several weeks of equity sell-offs, with traders awaiting more concrete economic data to make informed decisions.
Jeff Mei, COO at BTSE, echoed this sentiment, emphasizing the need for vigilance amid potential volatility in the coming weeks and months. Overall, the market sentiment has improved following the FOMC meeting, but uncertainties remain as traders navigate through shifting economic conditions.
As the crypto market continues to evolve, investors are advised to stay informed and monitor developments closely to make sound investment decisions. The recent uptick in prices is a positive sign, but market conditions can change rapidly, underscoring the importance of staying alert and adaptable in the dynamic crypto landscape. The Benefits of Reading Books
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