Cryptocurrencies made significant gains as markets awaited the Federal Reserve's upcoming decisions.
Bitcoin and Altcoin Growth
Bitcoin rose to $84,500, with attention on breaking the $85,000 mark. Other cryptocurrencies such as Uniswap, Stellar, Algorand, and Pepe also performed well. Uniswap increased by 12% to $6.90, Stellar climbed 10% to $0.293, while Algorand and Pepe gained over 9%, keeping the total crypto market cap at $2.79 trillion.
Expectations from the Fed Meeting
Market participants were focused on potential shifts in the Federal Reserve's policy. Concerns were raised that Donald Trump's economic policies could negatively impact consumer spending and business investments, potentially leading to a recession. Projections from the Atlanta Fed indicated an economic contraction of 1.8% in the first quarter. Bloomberg analysts predicted that holding the interest rates steady and Powell's positive economic forecasts could ease market tension.
End of SEC vs Ripple Case
Altcoins such as Uniswap, Stellar, Algorand, and Pepe rallied after the conclusion of the SEC's legal battle against Ripple Labs. The five-year-long case ended as the SEC dropped similar lawsuits against other companies. Ripple CEO Brad Garlinghouse commented: 'This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.' The victory may pave the way for further developments in the sector, amid signs that the SEC might approve new crypto ETF applications.
Cryptocurrencies continue to capture investor attention amid changes in SEC policies and upcoming Fed decisions.
