Fed Keeps Interest Rates Steady, Boosting Crypto Market and XRP
The US Federal Open Market Committee announced interest rates will remain unchanged at 4.25% to 4.50%, signaling a possible end to quantitative tightening (QT) and potential initiation of quantitative easing (QE). This change is expected to increase the money supply and lower interest rates, aiming to boost the economy.
- Arthur Hayes from BitMEX suggests that SLR exemptions or a restart of QE could further strengthen bullish momentum.
Following the FOMC meeting on March 19, the global crypto market capitalization rose by 3.2% to $2.81 trillion, with daily trading volume increasing by 51% to $105 billion.
- Bitcoin surpassed $85,000.
- Ethereum reached the $2,000 mark.
- XRP surged 7.5% to $2.47, hitting a local high of $2.57.
- XRP's market cap increased to $149.18 billion.
- Ripple CEO Brad Garlinghouse stated the SEC may drop its appeal against Ripple, contributing to a 13% price rise for XRP before the FOMC meeting.
If QT concludes, a new bull run may be imminent, especially for regulatory-challenged assets like XRP.