Cryptocurrency Market Continues Bullish After Fed Cuts Rates by 25bps

After the meeting on November 7, the Federal Open Market Committee (FOMC) of the Federal Reserve (Fed) of the United States decided to further reduce the interest rate by 25 basis points, bringing the interest rate from 4.75% down to 4.5%. Although this information was announced, the cryptocurrency and stock markets did not see much volatility, possibly because investors had already priced in this rate cut. The price of Bitcoin (BTC) has increased slightly by 1% in the past 24 hours and is trading at $76,304. Meanwhile, Ethereum (ETH) recorded an impressive 7.4% increase, reaching $2,927. Solana (SOL) continued to surge, reaching the $200 mark after increasing by 5.7% during the same period. The total cryptocurrency market capitalization has increased by 1.3%, reaching nearly $2.7 trillion. Notably, tokens related to the real-world asset (RWA) protocol have experienced strong growth, with a 12% increase in the past 24 hours, leading the market and nearly five times the medium performance of the market, which was only 2.3%. In the US stock market, the indices also recorded stability after the FOMC announcement. The S&P 500 index increased by 0.9%, while Nasdaq recorded a 1.62% increase. Notably, these indices had already been on an upward trend before the interest rate decision. Fed Chair Jerome Powell stated that the economy continues to maintain stable expansion, although the outlook still remains uncertain. He said the labor market has shown signs of cooling, with a slight increase in the unemployment rate but still maintaining a low level. Regarding inflation, Powell affirmed that the Fed's 2% inflation target remains a priority, but the current inflation rate is still high. Future interest rate decisions will depend on incoming economic data and growth prospects, while balancing the risk factors for employment and inflation. However, he also noted that "one or two months" of unfavorable data will not change the Fed's interest rate decisions. Regarding the impact of politics, Powell affirmed that the election results will not affect the Fed's interest rate policy in the near future. Join Telegram: https://t.me/tapchibitcoinvn Twitter (X): https://twitter.com/tapchibtc_io TikTok: https://www.tiktok.com/@tapchibitcoin Annie According to Cryptoslate