Major cryptocurrencies traded mixed on Friday morning as the number of Americans filing new claims for unemployment benefits dropped last week.
What Happened: The initial claims for state unemployment benefits fell by 2,000 to a seasonally adjusted 210,000 for the week ending March 16, according to the Labor Department.
Optimism in the crypto market grew following the Federal Open Market Committee (FOMC) meeting on March 20.
Fed Chair Jerome Powell highlighted the importance of waiting for more evidence of decreasing inflation rates. He also indicated the possibility of initiating the easing of monetary policies in late 2024.
The CME FedWatch Tool currently indicates a 68.3% likelihood of a rate cut in June. This prediction was reinforced by a 0.94% decrease in the U.S. Dollar Index (DXY) following the Fed's remarks, signaling a change in investor sentiment.
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