The U.S. Federal Reserve announced that it would keep its benchmark interest rate unchanged at a range of 5.25% to 5.5%. However, Chairman Powell released dovish remarks about a possible interest rate cut in September at the press conference after the meeting. U.S. stocks rose across the board, with the S&P 500 rising 1.58% and Nasdaq It rose 2.64%, led by Huida, TSMC and other technology stocks. However, Bitcoin once again went its own way, falling from above 66K after the press conference. It was trading at $64,783 at the time of writing, a 24-hour drop of nearly 2%.
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TogglePowell: May cut interest rates in September
The Federal Reserve kept interest rates unchanged at the end of its policy meeting on Wednesday and noted "some further progress" on lowering inflation to the central bank's 2% goal.
Federal Reserve Chairman Powell said at a press conference after the meeting that although the meeting has not made any decisions on future actions, if economic data shows that inflation is slowing, an interest rate cut may be implemented as soon as September.
If this test is passed, our policy rate could be lowered as soon as our next meeting in September.
CME's FedWatch shows that traders expect interest rate cuts of one point each at the three interest rate meetings before the end of the year.
US stocks rise across the board, Bitcoin falls to 64K
Amid Powell's dovish remarks about possible interest rate cuts, U.S. stocks surged across the board, with the S&P 500 rising 1.58% and Nasdaq soaring 2.64%, led by technology stocks such as Huida and TSMC.
However, Bitcoin did not rise sharply along with the US stock market. Instead, it fell from above 66K after the press conference. It was trading at US$64,783 at the time of writing, a 24-hour drop of nearly 2%.
Yesterday, the mini version of Grayscale Bitcoin Fund BTC after the split of Grayscale GBTC was officially launched, and the market has not seen any outflow of GBTC.
( Grayscale GBTC fell more than 11%! Caused by splitting into mini trust BTC )
7/30 On the sixth day of the actual opening of the nine-tier Ethereum spot ETF, the daily inflow finally turned from negative to positive for the first time, achieving the first net inflow, with a total amount of US$33.7 million. The reason is believed to be the slowdown in the huge outflow of Grayscale ETHE. Meanwhile, BlackRock’s investment chief noted that some investment banks are looking into adding Ethereum ETFs to their portfolios.
The trend of ETH is similar to that of BTC. After the press conference, it fell from above 3,300 to US$3,232 at the time of writing.
