Reserve

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/fed-imposes-fees-on-banks" data-wpel-link="internal" rel="noopener noreferrer nofollow">Fed Imposes Fees on Banks</a><br></p>
<p style="text-align: justify">The United States Federal Reserve has recently announced a significant policy adjustment that has stirred the cryptocurrency markets. This move follows a series of interest rate hikes aimed at achieving a 2% inflation target, which had already impacted the global economy and hindered the growth of cryptocurrencies. The latest decision involves imposing fees on banks for engaging in digital asset activities, creating uncertainty about its implications for both banks and the crypto sector.</p>
<h2 id="fee-demand-from-federal-reserve">Fee Demand from Federal Reserve</h2>
<p style="text-align: justify">Initially, the Fed was anticipated to cut <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">interest rates</a> in September. However, with rising fears of a recession, they might opt for an interim measure to reduce rates. Major investment firms and economic players have upped their recession probabilities from 25% to 35%. Amid these concerns, the Fed’s decision to charge banks for digital asset activities has raised eyebrows, given its potential consequences on the financial landscape.</p>
<h2 id="bitcoin-s-market-movement">Bitcoin’s Market Movement</h2>
<p style="text-align: justify">As this policy unfolds, attention has shifted to the cryptocurrency market. Bitcoin, the leading cryptocurrency, showed notable strength, nearing the $60,000 mark. It recently bounced back from a drop to $48,800, climbing to $59,800 after a 5.47% increase in just 24 hours. Currently, Bitcoin is trading at $59,300, with a market cap surpassing $1.17 trillion.</p>
<p style="text-align: justify">Bitcoin’s 24-hour trading volume also witnessed a positive shift, increasing by over 7% to reach $43.6 billion. This surge indicates renewed investor interest and confidence in the market’s stability, despite the Fed’s <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">recent announcement</a>.</p>
<p style="text-align: justify">Ethereum, another key player, experienced a 7.82% price hike, trading at $2,577, with its market cap exceeding $310 billion. However, its trading volume saw a slight decrease, falling below 1% to $23.3 billion. Meanwhile, Solana and <a href="https://en.bitcoinhaber.net/coinbase-resumes-new-york-xrp-trading" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP</a> also showed impressive gains. Solana’s price surged by 7.5% to over $158 following ETF approval in Brazil, while XRP climbed by 22.8% to $0.6219 after a legal victory against the SEC.</p>
<h2 id="concrete-inferences-for-market-participants">Concrete Inferences for Market Participants</h2>
<p style="text-align: justify">– The Fed’s fee imposition on banks for digital asset activities could lead to increased banking costs.<br> – Bitcoin’s resilience near $60,000 indicates strong market confidence amid regulatory changes.<br> – Ethereum’s price growth, despite volume declines, suggests fluctuating investor interest.<br> – Solana and XRP’s significant price increases highlight the potential impact of regulatory and legal developments on specific cryptocurrencies.</p>
<p style="text-align: justify">The crypto market remains dynamic, with regulatory actions and market movements continually influencing investor decisions and asset valuations. The Fed’s latest fee imposition on banks marks another critical development to monitor closely.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/fed-imposes-fees-on-banks" data-wpel-link="internal" rel="noopener noreferrer nofollow">Fed Imposes Fees on Banks</a></h5>

Fed Imposes Fees on Banks

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