Key Insights:

• The cryptocurrency market is showing positive momentum in the wake of the Fed’s meeting where it maintained the federal funds rate between 4.25%-4.50%.
• Bitcoin has jumped by 4.5% in the last 24 hours, currently trading at $85,500, marking its peak since March 9.

The CoinDesk 20 index, which tracks the top 20 cryptocurrencies excluding stablecoins and exchange tokens, has risen by 6%. Ethereum and Solana have both increased by 7%, while Ripple’s XRP witnessed a 10% surge following CEO Brad Garlinghouse’s announcement about the SEC dropping its case against Ripple.

Bitcoin mining companies like Bitdeer and Core Scientific are also experiencing gains on the day, posting increases of 10% and 8% respectively. Despite these upward trends, both companies remain down significantly compared to their figures earlier in the year.

Federal Reserve Chair Jerome Powell has indicated that inflation stemming from tariffs may remain temporary, with recession risks seen as minimal. The market responded affirmatively, with major US indices like the Nasdaq and S&P 500 gaining over 1%.

However, skepticism persists among experts. Economist Mohamed A. El-Erian remarked on the Fed’s cautious stance, noting the complexities of accurately forecasting inflation.

Gold prices are also soaring, crossing the $3,000 threshold and reaching new highs above $3,050, signaling heightened strength in the market.