Fed’s Bullish Surprise: Crypto Market Rallies, XRP Got 3rd Spot Again
Coinspeaker
Fed’s Bullish Surprise: Crypto Market Rallies, XRP Got 3rd Spot Again
The US Federal Open Market Committee meeting turned out to be a bullish surprise for financial markets, including crypto. Jerome Powell, chairman of the US Federal Reserve, announced that the interest rates would remain unchanged.
The US Fed would maintain its interest rates at 4.25% to 4.50%, showing that the central bank will likely ease its quantitative tightening (QT) policies.
Moreover, the Fed’s stance could also hint at a dovish policy shift and potentially the start of quantitative easing (QE) as the end of QT is happening earlier than expected.
In simple terms, the Fed will likely increase the money supply, which would lower the interest rates, to boost the US economy.
Arthur Hayes, a co-founder of the BitMEX crypto exchange, wrote in an X post that the next step for a stronger bullish momentum would be the Supplementary Leverage Ratio (SLR) exemptions or a restart of QE.
Bulls and XRP
The digital asset market witnessed a strong bullish momentum after the FOMC meeting on March 19. The global crypto market capitalization increased by 3.2%, reaching $2.81 trillion, according to data from CoinMarketCap.
The total daily crypto trading volume climbed 51% to $105 billion, showing an impressive rise in investors and traders.
Bitcoin BTC $85 216 24h volatility: 1.8% Market cap: $1.69 T Vol. 24h: $34.32 B surpassed the $85,000 mark and Ethereum ETH $1 979 24h volatility: 0.7% Market cap: $238.76 B Vol. 24h: $19.75 B reached the $2,000 zone.
One of the most notable performers of the latest bullish momentum is XRP (XRP). The asset recorded a 7.5% surge over the past 24 hours and is trading at $2.47 at the time of writing.
At one point, XRP XRP $2.48 24h volatility: 6.6% Market cap: $144.26 B Vol. 24h: $10.67 B reached a local high of $2.57 earlier today, swapping USDT’s spot and becoming the third-largest cryptocurrency with a market cap of $149.18 billion.
On March 19, Brad Garlinghouse, CEO of Ripple, the company behind XRP, claimed that the US Securities and Exchange Commission “will drop its appeal” against the firm. This triggered a 13% rise in XRP price hours before the FOMC meeting.
If the Fed’s QT ends, the start of another bull run is very likely, especially for assets like XRP that have been struggling with regulators.
Fed’s Bullish Surprise: Crypto Market Rallies, XRP Got 3rd Spot Again
Read More
Fed’s Bullish Surprise: Crypto Market Rallies, XRP Got 3rd Spot Again
Coinspeaker
Fed’s Bullish Surprise: Crypto Market Rallies, XRP Got 3rd Spot Again
The US Federal Open Market Committee meeting turned out to be a bullish surprise for financial markets, including crypto. Jerome Powell, chairman of the US Federal Reserve, announced that the interest rates would remain unchanged.
The US Fed would maintain its interest rates at 4.25% to 4.50%, showing that the central bank will likely ease its quantitative tightening (QT) policies.
Moreover, the Fed’s stance could also hint at a dovish policy shift and potentially the start of quantitative easing (QE) as the end of QT is happening earlier than expected.
In simple terms, the Fed will likely increase the money supply, which would lower the interest rates, to boost the US economy.
Arthur Hayes, a co-founder of the BitMEX crypto exchange, wrote in an X post that the next step for a stronger bullish momentum would be the Supplementary Leverage Ratio (SLR) exemptions or a restart of QE.
Bulls and XRP
The digital asset market witnessed a strong bullish momentum after the FOMC meeting on March 19. The global crypto market capitalization increased by 3.2%, reaching $2.81 trillion, according to data from CoinMarketCap.
The total daily crypto trading volume climbed 51% to $105 billion, showing an impressive rise in investors and traders.
Bitcoin BTC $85 216 24h volatility: 1.8% Market cap: $1.69 T Vol. 24h: $34.32 B surpassed the $85,000 mark and Ethereum ETH $1 979 24h volatility: 0.7% Market cap: $238.76 B Vol. 24h: $19.75 B reached the $2,000 zone.
One of the most notable performers of the latest bullish momentum is XRP (XRP). The asset recorded a 7.5% surge over the past 24 hours and is trading at $2.47 at the time of writing.
At one point, XRP XRP $2.48 24h volatility: 6.6% Market cap: $144.26 B Vol. 24h: $10.67 B reached a local high of $2.57 earlier today, swapping USDT’s spot and becoming the third-largest cryptocurrency with a market cap of $149.18 billion.
On March 19, Brad Garlinghouse, CEO of Ripple, the company behind XRP, claimed that the US Securities and Exchange Commission “will drop its appeal” against the firm. This triggered a 13% rise in XRP price hours before the FOMC meeting.
If the Fed’s QT ends, the start of another bull run is very likely, especially for assets like XRP that have been struggling with regulators.
Fed’s Bullish Surprise: Crypto Market Rallies, XRP Got 3rd Spot Again
Read More