Major cryptocurrencies experienced a surge on Tuesday, following remarks made by Federal Reserve Governor Chris Waller at an event in Washington, D.C.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +2.11% | $37,949 |
| Ethereum (CRYPTO: ETH) | +1.34% | $2,051 |
| Dogecoin (CRYPTO: DOGE) | +3.45% | $0.080 |
What Happened: Waller believes that the U.S. Federal Reserve policy is currently positioned correctly.
“Something appears to be giving, and it’s the pace of the economy,” said Waller, pointing out that data from October and current forecasts for the remainder of the fourth quarter suggest a moderating trend. He also observed that inflation data is moving in a favorable direction.
After delivering his prepared remarks, Waller mentioned that there may be a strong argument for rate cuts within a few months if inflation continues to decline.
Waller’s colleague, Michelle Bowman, also said at a separate event that rates will need to increase to control inflation.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Sei | +28.72% | $0.28 |
| Terra | +18.35% | $0.0001016 |
| FTX | +15.48% | $4.15 |
The global cryptocurrency market cap currently stands at $1.41 trillion, reflecting a decrease of 0.70% in the past 24 hours.
Stocks rose on Tuesday, resuming their November rally fueled by optimism sparked by comments from a Federal Reserve official.
This renewed hope stems from Waller expressing confidence that the current policy is effectively positioned to slow the economy and bring inflation back to 2%.
With the Federal Open Market Committee’s policy meeting on the horizon, market expectations are leaning towards a steady key lending rate, which in turn led to a dip in U.S. Treasury yields. The yield on the 10-year note dropped by nearly 6 basis points, landing at 4.33%.
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Analyst Notes: Eli Taranto, Executive Director at EQI Bank, in a note seen by Benzinga, said, “Data released Tuesday showed consumer confidence improved in November, and the Dow has been climbing today, which may signal good news for BTC. “
He added, “While all eyes are still on the Fed’s meeting, and some headwinds still possible, the approaching halving does seem to be converting traders into investors and HODLers at least until April 2024. The Santa…
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