Crypto News – The price of Bitcoin was $36,000 in November after the Fed paused. Moreover, the value of the worldwide cryptocurrency market hit $1.32 trillion. Layer 1 blockchain tokens and Solana saw a spike. Significant gains were also made by DeFi coins like Uniswap and Aave.
November FED Rate Pause: Cryptocurrencies Surge Sharply
Bitcoin continued its week-long climb on Thursday, breaking beyond the $36,000 barrier. Right now, the greatest digital asset in the world by market capitalization is trading for $35.005, up 1.33% over the last day. According to CoinMarketCap, the value of the worldwide cryptocurrency market increased as well, reaching $1.32 trillion, an increase of 2.25% in just the previous day.
Additional Interest Rate Hike May Be Possible
Following the FOMC’s decision to maintain the benchmark fed funds rate range at 5.25%–5.50%, the U.S. Federal Reserve initiated this rally. During the FOMC press conference, Fed Chairman Jerome Powell stated that tighter financial conditions had resulted from the increase in U.S. Treasury yields. He did, however, leave open the possibility of an additional rate increase if needed.
Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.FOMC