Bitcoin Surges to $85,500 After Fed Holds Interest Rates Steady
Crypto markets are seeing a modest increase following the Federal Open Market Committee (FOMC) meeting, where U.S. interest rates remained steady at 4.25%-4.50%. Key points include:
- Bitcoin rose 4.5% in 24 hours to $85,500, its highest since March 9.
- The CoinDesk 20 index increased by 6%, with Ether and Solana both up 7%, and Ripple’s XRP up 10% following SEC news.
- Bitcoin mining stocks like Bitdeer (BTDR) and Core Scientific (CORZ) gained 10% and 8%, respectively.
- Bitdeer benefited from advancements in ASIC manufacturing and Tether increasing its stake to 21%.
- Core Scientific may gain from AI firm CoreWeave's IPO filing, but both companies remain down significantly from earlier this year.
- Federal Reserve Chair Jerome Powell indicated that tariff-related inflation is likely transitory, while recession risks are low.
- Gold prices hit a new record above $3,050, continuing to rise after surpassing $3,000.
- Market analysts express skepticism about the sustainability of current trends, questioning the Fed's outlook on inflation.