In recent years, the interest rate hikes and the subsequent 2% inflation target by the US Fed have caused significant damage to the global economy. It is known that the Fed’s interest rate policies have also prevented cryptocurrencies from rising and showing the expected performance. Just moments ago, an important announcement regarding the Fed had a bombshell effect on the cryptocurrency world.
Fed Demands Fees
Fed was expected to cut interest rates in September, but due to the emerging recession fears, it might seek an interim decision and lower the rates. Major investment firms and significant participants in the economic world have increased their recession expectations from 25% to 35%.
Amidst all these developments, the Fed made an important decision. It was reported that the Federal Reserve demanded fees from banks for digital asset activities, which is known to closely concern cryptocurrencies. However, it is currently unpredictable how this decision will impact banks and cryptocurrencies.
How Much is Bitcoin?
Meanwhile, all eyes were on cryptocurrencies. The undisputed leader of cryptocurrencies, Bitcoin, was seen moving strongly towards $60,000. After BTC’s price dropped to $48,800 last Monday, it rose to $59,800 following a 5.47% increase in the last 24 hours. As of the time of writing, it is trading at $59,300.
Following this price movement, Bitcoin’s market cap exceeded $1.17 trillion, and there was activity in the 24-hour trading volume, turning positive. The trading volume increased by over 7%, reaching $43.6 billion.
Meanwhile, attention turned to Ethereum. As inflows and outflows continued on the ETF side, ETH’s price increased by 7.82%, trading at $2,577. ETH’s market cap exceeded $310 billion. However, despite all this, its trading volume fell below 1%, decreasing to $23.3 billion.
Lastly, looking at Solana, which received ETF approval in Brazil, and XRP, which won a significant victory against the SEC yesterday, SOL’s price increased by 7.5%, surpassing $158, while XRP’s price rose by 22.8% in the last 24 hours, trading at $0.6219.
