Following a November 7 meeting, the Fed’s Federal Open Market Committee (FOMC) cut the U.S. interest rate by an additional 25 basis points (bps), from 4.75 % to 4.5%. Crypto and stock markets remained unfazed as investors have likely already priced in the decline.
According to CryptoSlate According to the data, Bitcoin (BTC) increased by 1% in the last 24 hours and its current price is $76,644.57. Meanwhile, Ethereum (ETH) saw a larger upward movement of 7.4%, reaching $2,888.21.
Solana (SOL) approaches $200 after 4.6% daily growth. The market capitalization of cryptocurrencies increased by 1.3% during the same period, approaching $2.7 trillion.
Tokens tied to Real World Asset (RWA) protocols are up 11% in the past 24 hours and are leading the gains. According to the data aggregator Artemis, this is almost five times higher than the average market performance of 2.3%.
Additionally, the US stock market remained relatively stable following the FOMC announcement, with the S&P 500 up 0.9% today and the Nasdaq index up 1.62%. Notably, indexes posted gains ahead of the rate decision.
Uncertainty remains
Fed Chairman Jerome Powell declared that economic activity continues to grow steadily, even if the outlook remains uncertain. He added that the labor market has relaxed somewhat, with a slight increase in the unemployment rate, which remains low overall.
Powell added that inflation was moving toward the Fed’s 2% target, but that figure remained high.
The Fed chairman said future rate decisions will depend on available data, the economic outlook and the balance of risks to employment and inflation. However, “one or two” months of unfavorable data will not affect the Fed’s rate decisions.
Regarding the change in government, the Fed chairman said the election outcome would not affect short-term rate policy.
