Disclaimer: The opinions expressed by our editors are their own and do not represent those of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
The crypto market is currently showing mixed price action as investors evaluate recent comments from Federal Reserve officials and look forward to economic data expected this week.
On Monday, Minneapolis Fed President Neel Kashkari indicated that future interest rate cuts could be “modest” and that policy decisions could be based on economic data. At the same time, Fed Governor Christopher Waller warned against any further rate cuts.
Federal Reserve Governor Christopher Waller suggested Monday that future interest rate cuts could be less aggressive than September’s giant cut.
At its September meeting, the Federal Open Market Committee took the unusual step of lowering its benchmark interest rate by half a percentage point, or 50 basis points, to a range target of 4.75% to 5.00%. This remains a rare move by the Fed, which prefers to act in increments of a quarter of a percentage point or 25 basis points. Waller, however, has not committed to a clear path forward.
Related
Additional remarks from Fed officials are likely on Tuesday and throughout the week.
Crypto Markets React
At the time of writing, a few cryptocurrencies were posting gains. Bitcoin is up 1% over the previous 24 hours and 5% over the past seven days. Bitcoin has seen an average increase of 20% in October over the past decade, making this month the strongest month of the year historically for the original cryptocurrency.
Bitcoin Cash, MEW, and Book of Meme saw gains ranging from 10% to 12% over the past 24 hours. Ethena, Notcoin, WorldCoin, Hedera, Lido DAO and Core all saw gains ranging from 5% to 9%. Meanwhile, a few cryptocurrencies saw losses, including TAO, WIF, Wormhole, Toncoin, Avalanche, and SUI, which ranged from 2% to 7%.
Related
Investors are also awaiting the upcoming release of economic data, including Tuesday’s manufacturing outlook and the most recent survey of consumer inflation expectations.
Data releases and remarks from policymakers are closely scrutinized for clues about where the U.S. economy is headed as they consider the future of monetary policy, particularly any further cuts in interest rates. interest.
