At the time this article was being prepared, Bitcoin‘s price was at $43,100, showing signs of moving away from the downward trend earlier in the week. Investors were concerned about further declines ahead of the Fed meeting. However, inflation arrived at the expected level, and Producer Price Index (PPI) data was quite positive. The Federal Reserve Chairman’s relatively optimistic comments were a positive factor for the rising market.
This month, the Fed held several meetings with companies wanting to launch a spot Bitcoin ETF. Compared to past rejections, it appears that the securities regulator is moving away from its previously negative approach. Additionally, Fed Chairman Powell positively mentioned the planned interest rate cuts for the next year in a statement made a few hours ago.
Members’ interest rate expectations for 2024 are also positive, with FedWatch data reinforcing expectations for a reduction of more than 100 basis points. These circumstances increase optimism for the coming year, and a continued rise is expected with the opening of Asian markets in the upcoming hours.
As the total value of cryptocurrencies once again crosses the $1.6 trillion threshold, altcoins are becoming more active. The ‘king’ cryptocurrency‘s daily 5% gain could trigger faster recoveries in altcoins that have recently bounced back from various resistances.
Cryptocurrencies that have shown a positive divergence in recent months, like SOL Coin, as well as assets that have become active in recent days, such as TIA and AVAX, are expected to experience rapid rises in the next 48 hours. In the last 24 hours, the altcoins with the most gains were BONK, ADA, BEAM, and WOO. Other than ADA Coin, the rest are recovering due to listing and partnership announcements.