June 18-19 saw a data-heavy pause in the cryptocurrency market as the Federal Reserve kept its key rate steady at 4.25%–4.50%.
Fed’s Decision and Its Impact on Crypto Market
Federal Reserve officials unanimously voted to hold rates at 4.25%–4.50%. Fed Chair Jerome Powell noted that policymakers are "well positioned to wait" before cutting rates. This decision is seen as a constraint on growth in the crypto market.
Price Dynamics of Major Cryptocurrencies
Leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) have shown minimal movements: BTC hovers around $104,000, ETH at about $2,540, SOL at about $146, and DOGE around $0.17. The overall crypto market cap fell approximately 2.3% to around $3.3 trillion, while trading volume dropped by 15% to $101 billion.
Political Rhetoric and Its Impact
In other crypto market news, President Trump criticized Fed Chair Jerome Powell on Truth Social, calling him "the WORST" and "a real dummy" for maintaining rates. Despite widespread reporting of these comments, prices barely reacted, emphasizing that such political noise does not influence fundamental market factors.
In conclusion, the Fed’s current decision to hold rates steady keeps the cryptocurrency market in a state of anticipation, with fresh macroeconomic data set to play a crucial role in future price movements.
