Well, the US Federal Reserve, in its infinite wisdom, decided to keep interest rates parked between 4.25% and 4.5% after the March FOMC meeting. Shocking, right? 🙄 Market experts, with their crystal balls polished, still reckon the Fed will loosen its grip on monetary policy this year. Because, of course, they know better.
In a press release that probably put a few people to sleep, the Fed announced the FOMC’s decision to hold rates steady after their two-day snooze fest on March 18 and 19. As CoinGape pointed out, there was a 98% chance the Fed would stick to this rate, according to CME data. So, no surprises here, folks. Just the usual bureaucratic yawn.
While this decision is typically a downer for the crypto market, the Fed did throw a bone by announcing it would slow its balance sheet runoff starting April 1. This could mean quantitative easing (QE) is on the horizon. And you know what that means—more money sloshing around, which could be a boon for Bitcoin and its crypto cousins. LSEG estimates suggest US interest rate futures are pricing in 56 basis points in cuts this year. So, maybe the Fed isn’t completely heartless after all.
But wait, there’s a twist! The Fed also warned that the economic outlook is about as clear as mud. Four Fed officials even predict no rate cuts in 2025, which is about as bearish as a grizzly in a honey shop for the crypto market. So, is the Fed hawkish? Dovish? Who knows? Everyone’s waiting for Fed Chair Jerome Powell to drop some wisdom in his speech. Because, you know, he’s got all the answers. 😏
Meanwhile, Bitcoin decided to have a little party, surging to $86,000 after the FOMC meeting. Market participants seem to think this is bullish, even though the Fed kept rates unchanged. Go figure. Crypto analyst Titan of Crypto pointed out that a bullish pattern is forming for Bitcoin—a right-angled descending broadening wedge on its daily chart. Fancy, huh?
The analyst even threw out an “insane price target” of $107,000 if this breakout happens. Because, why not? In the world of crypto, anything’s possible. 🚀
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2025-03-20 00:22