Major Cryptocurrencies Surge Ahead of Fed Rate Decision and Key Earnings Reports
- The Federal Reserve is expected to cut its policy rate by 25 basis points to 4% on Wednesday, marking a total easing of 150 basis points since last September.
- Bitcoin has risen 1.7% in the last 24 hours, reaching $113,600, while XRP has surpassed its 200-day SMA at $2.60.
- Other major cryptocurrencies like Ethereum are trading at $4,077.43, and Solana at $199.77, both up by around 3%.
- Fed Chair Jerome Powell’s upcoming press conference is anticipated to address job market risks without new economic forecasts.
- The Bank of Japan is expected to keep rates steady during its policy statement on Thursday, with potential for market volatility based on new forecasts.
- Earnings reports from tech giants including Apple and Microsoft will be closely monitored for insights into AI spending trends.
As cryptocurrencies continue to gain traction ahead of significant financial events, the anticipated Fed rate cut could further bolster bullish sentiment in the market.
With Bitcoin’s recent rise to $113,600 and XRP surpassing its key moving average, traders are optimistic about upcoming developments in monetary policy and earnings reports.Source
