FOMC Minutes Cause This Crypto to Terrorize!


 The mother of all cryptocurrencies, Bitcoin (BTC) and the overall stock market reportedly managed to see a slight rise after the minutes of the FOMC meeting yesterday showed that they may reduce interest rate hikes in the future.

BTC reportedly surged 2.6% in the past 24 hours to hover around the $16,500 zone while Ethereum (ETH) rose 3.3% at $1,200.

Apart from the following digital assets, billionaire Elon Musk's favorite popular memecoin Dogecoin (DOGE) also saw a 4.8% surge in the last 24 hours at the $0.08 price zone.

This follows because the crypto market this year has always followed the movements of the United States (US) equity as traders consider it a risky asset.

Speaking from trader Ryan Scott, he expects that short-term traders will flock out of the crypto market as well as equity index futures if prices rise.

He added that investors will transfer their cash into US dollars after the Fed raises interest rates to control inflation.

In fact, the dollar, which has risen in value this year, has faced losses against the yen and euro following the announcement of the minutes earlier this morning.

Nevertheless, investors still believe that the crypto market will recover following the minutes of the meeting saying that interest rate hikes are likely to be slowed again.