Key notes
- Fed interest rates have remained unchanged.
- The global market capitalization of cryptocurrency exceeded 2.8 billions of dollars.
- XRP has exchanged the market value of the USDT, becoming the third largest crypto.
The meeting of the United States Federal Committee on the open market has proven to be an optimistic surprise for the financial markets, including the crypto. Jerome Powell, president of the American federal reserve, announced that interest rates would remain unchanged.
The United States Fed would maintain its interest rates from 4.25% to 4.50%, showing that the central bank will likely facilitate its quantitative tightening policies (QT).
In addition, the Fed position could also refer to a dominant change in policy and potentially the start of quantitative relaxation (QE) as the end of the QT occurs earlier than expected.
In simple terms, the Fed will probably increase the money supply, which would reduce interest rates, to stimulate the American economy.
Arthur Hayes, co-founder of the Bitmex Crypto Exchange, wrote in a post X that the next step for a stronger bullish momentum would be the exemptions from additional lever report (SLR) or a restart of QE.
Bulls and XRP
The digital asset market experienced a strong bullish dynamic after the FOMC meeting on March 19. The global market capitalization of cryptography increased by 3.2%, reaching 2.81 billions of dollars, according to CoinmarketCap data.
The total daily trading volume of the crypto increased 51% to $ 105 billion, showing an impressive increase in investors and traders.
Bitcoin
BTC
$ 84 211
24h volatility:
0.1%
COURTIC CAPESSION:
$ 1.67 T
Flight. 24 hours:
$ 9.09 B
exceeded the $ 85,000 and Ethereum mark
Ethn
$ 1,995
24h volatility:
1.2%
COURTIC CAPESSION:
$ 240.80 B
Flight. 24 hours:
$ 6.44 B
reaches the $ 2,000 area.
One of the most notable artists of the last bullish impulse is XRP (XRP). The assets recorded an increase of 7.5% in the last 24 hours and is negotiated at $ 2.47 at the time of writing this document.
At one point, XRP
Xrp
$ 2.38
24h volatility:
0.9%
COURTIC CAPESSION:
$ 138.65 B
Flight. 24 hours:
$ 1.52 B
Reached a local summit of $ 2.57 earlier in the day, exchanging the Place de l’USDT and becoming the third largest cryptocurrency with a market capitalization of $ 149.18 billion.
On March 19, Brad Garlinghouse, CEO of Ripple, the company behind XRP, said that the American Securities and Exchange commission “would abandon its call” against the company. This sparked a 13% increase in the XRP price of hours before the FOMC meeting.
If the FED QT ends, the beginning of another Bull Run is very likely, in particular for assets like XRP which have trouble with regulators.
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Non-liability clause: Coinspeaker undertakes to provide impartial and transparent reports. This article aims to provide precise and timely information, but should not be considered as financial or investment advice. Since market conditions can change quickly, we encourage you to check the information for yourself and consult a professional before making decisions according to this content.
Wahid analyzes and reports on the latest trends in the decentralized ecosystem since 2019. He has more than 4,000 articles in his name and his work has been presented on some of the main outlets, including Yahoo Finance, Investing.com, Cointelegraph and Benzinga. Apart from the reports, Wahid likes to connect the points between Defi and Macro on his newsletter, on Chain Moine.
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