BTC - It's Party On for Crypto Today: Bitcoin Ethereum and Dogecoin Rocket Higher
Today's price action in risk assets has taken many top cryptocurrencies on an impressive ride. Top tokens Bitcoin (CRYPTO: BTC) , Ethereum (CRYPTO: ETH) , and Dogecoin (CRYPTO: DOGE) have been among the leading gainers in the crypto sector, posting gains of 4.6%, 8.3%, and 6.1%, respectively, over the past 24 hours as of 1:30 p.m. ET on Thursday.
These moves, along with the impressive upward momentum in other higher-risk asset classes, is a direct result of yesterday's rather dovish 25-basis-point hike in interest rates by the Federal Reserve. While still a rate hike, the pace of monetary policy tightening has slowed, with Fed chairman Jerome Powell hinting at an eventual pause after a "couple more" rate hikes.
Powell highlighted some encouraging signs that inflation has started to come down. Accordingly, given the invariably long lags that impacts policy making, the actions taken by the Fed to calm inflation last year appear to be working.
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It's Party On for Crypto Today: Bitcoin, Ethereum, and Dogecoin Rocket Higher