Major cryptocurrencies rose on Wednesday evening as the U.S. Federal Reserve Chair Jerome Powell adopted a dovish tone and the central bank stuck to its projection for three rate cuts this year, even in the face of higher-than-anticipated inflation figures.
What Happened: Bitcoin reached a high of $67,800, showing a more than 10% recovery from levels seen just hours earlier.
Ethereum also bounced back from a 8% dip earlier in the day, which was sparked by news reports about the Ethereum Foundation facing a confidential inquiry from an unnamed government and the SEC considering classifying the asset as a security.
Wednesday’s Federal Open Market Committee (FOMC) meeting ended with policymakers deciding to maintain interest rates and holding off on any plans for rate cuts. This move eliminates the potential for a more aggressive approach that was causing concerns about asset prices.
"The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent," the central bank said.
According to a report by CoinDesk, the Ethereum Foundation, a Swiss non-profit organization central to the Ethereum ecosystem, is currently under scrutiny by an undisclosed “state authority,” as indicated on the group’s GitHub repository.
Top Gainer (24 Hour)
The global cryptocurrency market cap now stands at $2.31 trillion, showing a 5.34% decrease in the past 24 hours.
The three main stock market indexes surged to reach their ...