The cryptocurrency market witnessed a modest increase on Thursday evening, primarily driven by the Federal Reserve’s (Fed) indication of possible interest rate reductions in the coming year and the positive sentiment surrounding the Bitcoin ETF.
What Happened: The December Federal Open Market Committee (FOMC) meeting proved to be highly favorable for the markets. Risk assets, including cryptocurrencies, experienced a surge as the central bank displayed a more accommodative approach towards monetary policy.
In other news, JPMorgan anticipates that ETH will outperform Bitcoin and other cryptocurrencies. This expectation is based on an upcoming upgrade that will enhance the scalability of the Ethereum blockchain.
Additionally, JPMorgan analysts expressed skepticism regarding the potential impact of the SEC’s decision on approving a spot BTC ETF. They believe that any potential gains resulting from this decision may be limited due to a phenomenon referred to as the “high chance of buy-the-rumor/sell-the-fact effect.”
Top Gainer (24 Hour)
Cryptocurrency Gains +/- Price (Recorded 9:30 ...