The eyes of the global markets were on the decision of the Federal Reserve (FED) today. Cryptocurrency investors were also in a quiet wait before the interest rate decision. Ultimately, the US Federal Reserve (Fed), as expected, did not change the policy rate, keeping it constant in the range of 0-0.25 percent. In addition, it has decided to reduce its asset purchase rate by $15 billion per month as of November. Decisions were taken unanimously.
“The economy faces ongoing risks to the outlook. The sectors of the economy most affected by the pandemic are recovering. Inflation is high due to temporary factors.” expressions were used. It is worth noting that the emphasis on temporary inflation continues in the text of the statement.
Besides, crypto investors were wondering how the decision in question would affect the market. However, as stated above, the expectations regarding the decision were not wrong. In other words, it would not be wrong to say that the decision made by the Fed is priced in advance. Crypto Season, one of the domestic analysts, also made the following assessment on the subject:
The Fed did what was expected. The market had already priced in the partial cuts in asset purchases. The issue of interest is not even on the agenda at this point. So this dove stance #BTC It is positive in terms of https://t.co/Ucfu8YniJg
— Crypto Season (@CryptoSeason) November 3, 2021
Finally, at the time of writing Bitcoin is trading at about $62,323. The leading crypto asset is struggling to regain its bullish momentum after its ATH hit $67,276, which it recorded on October 20.