Crypto Market Surges as Federal Reserve Rate Concerns Diminish
- The cryptocurrency market’s value reached $2.73 trillion as fears of a Federal Reserve rate hike eased.
- Altcoin Zigchain (ZIG) surged by 18.75%, while Zcash (ZEC) rose by 18.06%.
- Bitcoin increased approximately by 4.8%, reaching $81,364, and Ethereum climbed above $2,500.
- Federal Reserve Governor Christopher Waller suggested maintaining the current federal funds rate if inflation cools, impacting market expectations.
- Institutional demand supported the market with U.S. spot bitcoin ETFs seeing net inflows of $101 million on September 2.
The easing of Federal Reserve rate hike concerns has led to a significant increase in the cryptocurrency market’s value, now at $2.73 trillion, with notable gains in altcoins and major cryptocurrencies like Bitcoin and Ethereum.
This momentum is supported by institutional demand and could be influenced further by upcoming inflation data on September (11.Source)
