Yesterday, the FED announced its interest rate decision for March and left interest rates constant in line with expectations.
Speaking after the interest rate decision, FED President Jerome Powell was expected to make a hawkish speech regarding the inflation figures that came above expectations, but Powell had a dovish approach.
Powell’s dovish attitude had a positive impact on Bitcoin and cryptocurrencies and there was an increase.
Evaluating the impact of the FED’s decision and Powell’s speech on BTC and cryptocurrencies, QCP Capital analysts said that this rise appears to be spot-focused.
In addition, analysts stated that the downward fear towards Ethereum has decreased and that they expect this to have a positive impact on the ETH price and included the following statements in the report:
“The FOMC was clearly dovish and bullish:
At this point, FED President Jerome Powell, in his speech, was not concerned about the high inflation figures in January and February and even underlined the weakness in the labor market.
Additionally, more FOMC members shifted their rate cut forecasts to 3 cuts in 2024.
There was a huge reaction in Bitcoin and crypto against Powell’s dovish statements, and there was a complete reversal above $67,000 in BTC and $3,500 in ETH.
Demand appears largely spot driven, with little change in funding rates.
Downside fears for ETH have diminished despite news that the SEC is classifying ETH as a security.”
At this point, analysts hinted that the rise from current levels to new all-time highs will continue smoothly. Because in the report they published yesterday, analysts stated that the bullishness in Bitcoin and crypto is not over and that they expect a new ATH after the halving.
*This is not investment advice.
