The Federal Reserve (The Fed), in its latest Federal Open Market Committee (FOMC) meeting, decided to keep the benchmark interest rate steady at 4.50% on Thursday (March 20) early morning.
This decision triggered a 4% increase in the total cryptocurrency market capitalization within the past 24 hours. The move mirrors The Fed’s previous moderate stance of holding interest rates twice earlier this year.
The main reason behind maintaining the current rate is the stabilization of unemployment at its lowest level in recent months, despite persistent inflation concerns.
Following the announcement, the top ten digital assets saw a synchronized surge, with Bitcoin (BTC) leading the charge at $84,572, marking a 3.88% gain. Ethereum (ETH) followed closely, climbing 8.23% to reach $2,032.
Additionally, XRP and Solana (SOL) also recorded notable gains, rising 11.69% and 5.29%, respectively, over the last trading day.
