Crypto Price Today: Bitcoin jumps over $35,300 after Fed keeps rates unchanged; crypto market cap crosses $1.3 trillion
The cryptocurrency markets were trading higher in Thursday's trading after the US Federal Reserve kept rates unchanged and Chair Jerome Powell hedged on the possible end of the rate hiking cycle.
The Federal Reserve held interest rates steady on Wednesday as policymakers struggled to determine whether financial conditions may be tight enough already to control inflation, or whether an economy that continues to outperform expectations may need still more restraint.
After the end of a two-day policy meeting, Powell said the better course of action for now, given the uncertainties, was to maintain the Fed's benchmark overnight interest rate in the current 5.25%-5.50% range, and see how job and price data evolve between now and the next policy meeting in December.
Meanwhile, after the Fed's decision, the global cryptocurrency market cap surged by 2.45% to over $1.3 trillion in the last 24 hours.
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Bitcoin was trading 2.5% higher at $35,308, while its largest peer, Ethereum, was trading at $1,837, up 1.9% at around 12.40 p.m.
«Bitcoin has been trading above the $35,500 mark following the U.S. Federal Reserve's Federal Open Market Committee (FOMC) announcement that rates will be steady at 5.25%-5.50% as anticipated. This has boosted market morale and caused a bullish sentiment, with Bitcoin’s price steadily increasing in the last 24 hours,» said Edul Patel, CEO of Mudrex.
Market participants are now
