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<p>The world’s largest cryptocurrency Bitcoin (BTC) has registered a strong bounce back above $67,000 after the dovish Fed commentary on Wednesday, March 20. As of press time, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> is up 8.12% with its market cap soaring past $1.3 trillion once again. On the other hand, altcoins too are rejoicing after a strong bounce back on Wall Street on Wednesday.</p>
<h3 id="federal-reserve-turns-dovish-keeps-interest-rates-unchanged">Federal Reserve Turns Dovish, Keeps Interest Rates Unchanged</h3>
<p>The Federal Reserve (Fed) has opted to maintain interest rates at their current levels, keeping the benchmark overnight interest rate within the range of 5.25% to 5.50%. While the rates remain unchanged, Fed officials anticipate a decrease in interest rates by three-quarters of a percentage point by the end of this year. This forecast reflects their dedication to achieving the U.S. central bank’s 2% inflation target.</p>
<p>The <a href="https://coingape.com/breaking-us-fed-keeps-interest-rates-steady-at-5-25-to-5-50/" target="_blank" rel="noopener noreferrer nofollow">Federal Open Market Committee (FOMC)</a> exhibited a clear dovish stance, indicating a bullish outlook. During Powell’s press conference, he expressed minimal concern regarding the elevated inflation figures observed in January and February, thus emphasizing instead the weaknesses evident in the labor market.</p>
<p>Continued strength in the labor market wouldn’t be a reason to hold off lowering interest rates, said Federal Reserve Chair Jerome Powell, <a rel="noopener noreferrer nofollow" href="https://www.cnbc.com/2024/03/19/stock-market-today-live-updates.html" target="_blank">reported</a> CNBC.</p>
<p>All three indices on Wall Street – Dow Jones, the S&amp;P 500, and the Nasdaq – touched record highs on Wednesday, gaining 1% each. Trader sentiment is optimistic as the Federal Reserve’s decision favors equities and strengthens the correlation between cryptocurrency and the S&amp;P 500.</p>
<h3 id="crypto-market-rebounds-strongly-bitcoin-shoots-past-67-000">Crypto Market Rebounds Strongly, Bitcoin Shoots Past $67,000</h3>
<p>In a dramatic turn of events, the cryptocurrency market witnessed a robust rebound, with Bitcoin (BTC) surging back above the $67,000 mark and Ethereum (ETH) reclaiming the $3,500 level. The resurgence appears to be predominantly driven by spot demand, as reflected in stable funding rates. Analysts from <a rel="noopener noreferrer nofollow" href="https://t.me/QCPbroadcast/1170" target="_blank">QCP Capital</a> anticipate confirmation of this trend through forthcoming BTC spot ETF flow data.</p>
<p>Despite recent headlines regarding regulatory concerns, particularly the SEC’s deliberation on classifying ETH as a security, apprehensions surrounding Ethereum have notably eased. This resilience further underscores the market’s confidence amidst regulatory uncertainties.</p>
<p>The post <a href="https://coingape.com/dovish-fed-commentary-pushes-bitcoin-btc-above-67000-altcoins-rejoice/" rel="noopener noreferrer nofollow">Dovish Fed Commentary Pushes Bitcoin (BTC) Above $67,000, Altcoins Rejoice</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Dovish Fed Commentary Pushes Bitcoin (BTC) Above $67,000, Altcoins Rejoice

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