In brief
- Analysts were upbeat that the Fed would cut interest rates again and help bolster risk assets.
- In his post decision comments, Jerome Powell noted the bank’s concerns about a sagging job market and continued inflationary pressure.
- Bitcoin was trading at about $116,200, down slightly over the past 24 hours.
Neither the U.S. central bank’s decision to drop the interest rate nor Federal Reserve Chair Jerome Powell’s measured comments following the announcement stirred Bitcoin much on Wednesday.
But analysts whom Decrypt spoke to are largely upbeat that the asset’s price would gain ground throughout the remainder of the year.
Powell’s emphasis on a sagging employment market and wider concerns will likely result in additional rate cuts, sending Bitcoin and other cryptocurrencies higher, they said. They also noted other factors, including the growth of crypto treasuries, as a boon.
“Powell framed today’s move as a…
