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The crypto market is currently posting mixed price action as investors evaluate the recent comments from Federal Reserve officials and look ahead to economic data anticipated this week.
On Monday, Minneapolis Fed President Neel Kashkari indicated that future interest rate decreases might be “modest” and that policy decisions might be based on economic data. Meanwhile, Fed Governor Christopher Waller warned against any additional rate cuts.
Federal Reserve Governor Christopher Waller hinted on Monday that future interest rate cuts might be less aggressive than the jumbo cut in September.
At its September meeting, the Federal Open Market Committee took the unusual move of decreasing its benchmark interest rate by half a percentage point, or 50 basis points, to a target range of 4.75% to 5.00%. This remains an uncommon move by the Fed, which prefers to move in quarter percentage point increments or 25 basis points. Waller, however, did not commit to a clear course forward.
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Additional remarks from Fed officials are likely on Tuesday and throughout the week.
Crypto markets react
At the time of writing, a few cryptocurrencies were showing gains. Bitcoin is up 1% in the previous 24 hours and 5% in the last seven days. Bitcoin has averaged a 20% increase in October over the last decade, making the month the strongest of the year historically for the original cryptocurrency. 聽
Bitcoin Cash, MEW and Book of Meme had gains ranging from 10% to 12% in the last 24 hours. Ethena, Notcoin, WorldCoin, Hedera, Lido DAO and Core all saw gains ranging from 5% to 9%. Meanwhile, a few cryptocurrencies saw losses, including TAO, WIF, Wormhole, Toncoin, Avalanche and SUI, which ranged from 2% to 7%.
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Investors are also anticipating upcoming economic data releases, including insights from the manufacturing sector on Tuesday and the most recent consumer inflation expectations survey.
Data releases and policymakers’ remarks are being extensively scrutinized for clues about how the U.S. economy is doing, as they consider the future for monetary policy, particularly any further interest rate decreases.
