As the Fed policy meeting decided to keep rates unchanged, crypto trading signals took a buoyant turn, with the market surging to record highs of 2023.
Bitcoin saw a sharp rally in the last 24 hours as it progressed towards $36,000. The hype has relatively cooled down since, and it is trading above $35,000 at present. Crypto trading signals across the market have turned positive, with investors welcoming the Fed’s latest decision. The Fed policy meeting yielded positive results for crypto as it kept interest rates unchanged.
The move could lead to a significant rise in inflows into the crypto market. Bitcoin moved up with the predictions and touched a 17-month high. On the other hand, analysts also claimed the demand for the spot crypto ETFs had gradually increased recently. If the regulators approve the ETFs soon, the market could see a further spike by the end of the year.
Meanwhile, Solana also posted weekly returns of over 35%. It has gained over 142% since September, with a market cap of around $13 billion. ETH is also trading at $1830, while other tokens like ADA, XRP, and MATIC also witnessed rallies.
“Inflation has been coming down, but it’s still running well above our 2% target … A few months of good data are only the beginning of what it will take to build confidence,” said the Federal Reserve Chair, sending optimistic signals across markets worldwide.
BTC/USD 1D price chart
Bitcoin is currently trading at around $35,200 on November 2, 2023, with BTC/USD trading higher by a margin of 2.5% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (30,709.66), as BTC’s 24-hour volume was at around $25 billion.
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