Posted by Xoken.org – The crypto market is compactly in the green zone today (21/3/2024) after the United States central bank (The Fed) called for a dovish stance regarding interest rates this year.
Referring to CoinMarketCap on Thursday (21/3/2024) at 06:29 WIB, the crypto market rose collectively. Bitcoin rose 9.95% to US$67,848.95 while on a weekly basis it was in the negative zone of 7.02%.
Ethereum is in the green zone at 11.71% in the last 24 hours despite weakening 11.81% in the week. Solana rose 14.4% on a daily basis and experienced a weekly appreciation of 17.22%. Likewise, Dogecoin soared 18.89% in the last 24 hours even though it fell 10.78% in the last seven days.
CoinDesk Market Index (CMI), which is an index to measure the market capitalization-weighted performance of the digital asset market, rose 9.54% to 2,799.47. Open interest appreciated 10.62% at US$71.23 billion.
Meanwhile, the fear & greed index reported by coinmarketcap.com shows the number 74, which shows that the market is in an optimistic phase regarding current economic conditions and the crypto industry.
Reporting from coindesk.com, the crypto market surged sharply and bitcoin (BTC) touched US$67,000 on Wednesday as Fed Chair Jerome Powell struck a dovish tone afterwards and the central bank maintained its outlook for three rate cuts this year despite higher inflation figures than estimation.
Powell said in a press conference that “we are making good progress in bringing down inflation,” despite higher inflation figures.
“The Fed expects slightly higher inflation but not enough to derail their dovish tendencies,” said Fejau, an analyst at market analysis firm Reflexivity Research, in an X post.
Policymakers on the Federal Open Market Committee (FOMC) estimate they will lower interest rates to 4.6% by the end of 2024, according to their March meeting’s economic projections, the same median level as their December forecast.
However, the so-called “dot plot” showed only one participant predicted more than three cuts this year, compared with five members in December. The dot plot is a look at Fed committee members’ views on interest rates over the next year and offers investors a glimpse into policymakers’ expectations.