US Federal Reserve Financial News

The U.S. Federal Reserve expects to begin cutting interest rates in 2024, according to the minutes from the Federal Open Market Committee’s (FOMC) pivotal December meeting released today.

Bitcoin surged to a record high above $93,400, driven by market optimism over President-elect Donald Trump's pro-crypto stance and expectations of further interest rate cuts by the Federal Reserve. The rally was fuelled by data showing US consumer inflation rose to 2.6% in October, up from 2.4% in September, aligning with market expectations and strengthening the case for a potential 25-basis-point rate cut next month, with market odds rising from 59% to 83%.

In an exclusive interview with ETMarkets, Shivam Thakral, CEO of BuyUcoin, highlighted how the upcoming 2024 US presidential election and recent interest rate cuts by the Federal Reserve could reshape the cryptocurrency market. He noted that the 50 basis point rate cut is likely to boost investor interest in cryptocurrencies, while the increasing political influence of younger, pro-crypto voters may lead to significant policy shifts. With the recent 50 bps interest rate cut by the US Federal Reserve, how do you expect this to impact the crypto market in both the short and long term? Do you anticipate increased investor appetite for riskier assets like cryptocurrencies?

crypto market is witnessing its best performance since April 2022, with Bitcoin crossing the $41,000 mark. Experts say growing confidence in the crypto market is driven by expectations of the US Federal Reserve cutting interest rates in 2024 and the eventual approval of a Bitcoin ETF, which could boost the price of the world's largest cryptocurrency. The digital asset has skyrocketed this year, rising nearly 150%, with expectations growing that US regulators will allow the creation of ETFs. «The sentiment is upbeat because the buzz is that the Bitcoin ETF could be approved as early as by January 15, 2024. The market is buzzing with optimism as it is a catalyst for wider institutional acceptance and integration of Bitcoin into mainstream financial portfolios. This sentiment is intertwined with the upcoming Bitcoin halving, an event historically associated with price increases due to the resulting supply shock,» said Rajagopal Menon, Vice President at WazirX. Bitcoin was trading above $41,600 at around 5:27 pm on Monday.

'There will certainly be further challenges and shocks facing the global financial system in the months and years to come.'

The Federal Reserve

The proposals were issued by the US Federal Reserve, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation on Thursday (27 July).

Federal Reserve chair Jerome Powell hinted at further rises, adding that there was a “long way to go” before inflation might be completely vanquished.

Global X said the fund may help diversify income portfolios, providing income through means other than traditional sources such as dividend stocks.

Bitcoin, dropped by over 4 per cent during the week while Ether shed over 8 per cent.XRP witnessed a mega rally due to the positive news around the ripple lawsuit and jumped by 30 per cent during the week. The third consecutive rate hike announced by the US Federal Reserve will have a significant impact on the crypto market in the coming weeks. Here are some important crypto developments of the week:Iran’s tryst with CBDCIran’s central bank has started CBDC trials to turn banknotes into programmable currency. The crypto rial will be a digital version of the country’s fiat currency, which could be a game changer for the country’s digital economy.

After the announcement of layoffs from Crypto.com and BlockFi plan, another global exchange Coinbase has announced to vacant its chairs from the offices across the globe. Crypto exchange Crypto.com and lending platform BlockFi plan to cut a total of more than 400 jobs, whereas Coinbase announced to layoff as many as 1,100 employees or 18 per cent of its workforce on Tuesday.

Mumbai: The crypto market declined, mirroring the US stocks sell-off, after the US Federal Reserve announced raising interest rates by half a percentage point to restrain inflation. At 5 PM on Friday, on Coinmarketcap, the global crypto market cap stood at $1.66T, a 7.73 % decrease over the last day. Following the US Federal Reserve meeting statement on Wednesday, the world's largest digital currency by value climbed sharply to challenge the $40K resistance, but has since dropped 9.40 percent to $36,200 levels, the biggest drop in the previous four months.

dollar, a move with the potential to reshape how money is moved and used around the world. Before his order results in a virtual greenback, there will be numerous major impacts — and risks — to consider first. Here are some key questions:

Veteran emerging market investor Mark Mobius is jittery about the spillover effects of the ongoing bear market in the cryptocurrency market on other asset classes like equities.