The mining actions of American cryptography fell at the end of May 28 after the minutes published by the Federal Reserve reported its growing uncertainty on the country’s economic prospects.
The cryptography market has remained unscathed, despite stock reductions in cryptographic minors.
Uncertainty about economic perspectives is looming
The report of the meeting of the Federal Committee on the market open on May 6 and 7, published on May 28, said: “The committee could face difficult compromises if inflation is more persistent while the prospects for growth and employment are weakening.”
The Fed had decided after its meetings at the beginning of May to maintain stable interest rates at 4.25% to 4.50%, the minutes revealing that reason was due to “a new increase in uncertainty about economic prospects and increased risks both both high unemployment and higher inflation”.
Riot platforms (Riot) closed the May 28 negotiation day down 8.32%, Cleanspark (CLSK) dropped by 7.61%and Mara Holdings closed 9.61%, according to Google Finance Data.
Meanwhile, Crypto Exchange Coinbase (Coin) also fell by 4.55%, the Bitcoin Buying Company of Michael Saylor, Microstrategy (MSTR), extended its downward trend of five days, falling further by 2.14% following a collective appeal (BTC), accusing the company officials of having failed to represent the nature of the investments Bitcoin (BTC).
The S&P 500 decreased by 0.56% during the negotiation day.
Tension between Trump and the Fed
This occurs after the recent tension between US President Donald Trump and the Federal Reserve, following Trump’s public reviews towards the president of the Fed, Jerome Powell, for not having reduced interest rates fairly quickly. On April 17, Trump said: “Powell’s dismissal cannot come quickly enough!”
In relation: Bitcoin sank below $ 108,000 as the price bets evaporate before the nourished minutes
The cryptography market remained relatively stable during the same period. Bitcoin is down 0.90% in the last 24 hours, negotiating $ 107,942 at the time of publication.
The feeling of the market has also improved, the Crypto Fear & Greed index climbing three points to 74, moving further in the territory of “greed”.
The next interest rate decision of the Federal Reserve is set for June 18, with 97.8% of market participants expecting the rates to remain unchanged, according to the CME Fedwatch tool.
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This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
