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<p>The cryptocurrency markets experienced volatility on Thursday as the Federal Reserve announced its decision to pause interest rate hikes, keeping the target range for the federal funds rate at 5.25% to 5.5%. Bitcoin, the largest cryptocurrency by market capitalization, initially dipped below $57,000 before regaining some ground.</p>
<p>Fed Chair Jerome Powell struck a cautious tone during the press conference, stating that the central bank remains "highly attentive to inflation risks" and is prepared to maintain the current restrictive policy stance for as long as necessary. Powell emphasized that the Fed would need to see "persuasive evidence" that inflation is moving sustainably towards the 2% target before considering rate cuts.</p>
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<p>The crypto community had been anticipating potential rate cuts later this year, which could have provided a tailwind for risk assets like cryptocurrencies. However, Powell's comments suggest that the Fed is willing to hold rates higher for longer, potentially prolonging the current market conditions.</p>
<p>Despite the initial market reaction, some analysts remain optimistic about the long-term prospects for cryptocurrencies, particularly in the context of a potential economic cycle that could last until 2026. Arthur Hayes, a well-known crypto analyst, highlighted the potential for certain altcoins like Filecoin to rally, given their significant drawdowns from previous highs.</p>
<p>As the crypto markets navigate this period of monetary policy uncertainty, industry experts continue to emphasize the importance of regulatory clarity. Efforts like the recently co-sponsored Crypto Markets and Structure Bill could play a crucial role in shaping the future landscape for digital assets in the United States.</p>
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