Fed's Jerome Powell's Message Creates Ripple Effect on Crypto Market

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Bitcoin surpassed $62,000 while several cryptocurrencies were posting significant gains

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"We’re trying to achieve a situation where we restore price stability without the kind of painful increase in unemployment that has come sometimes with this inflation. That’s what we’re trying to do, and I think you could take today’s action as a sign of our strong commitment to achieve that goal," Powell stated.Dogecoin Founder Trolls Bitcoin Bulls After Big Fed Rate Cut

However, Powell was careful not to commit the Fed to a similar pace in the future, stating that future actions would be determined by how the economy performs in the coming months."I do not think that anyone should look at this and say, Oh, this is the new pace," Powell said."The economy can develop in a way that would cause us to go faster or slower."Bitcoin rose to a three-week high, accompanied by a surge in US.

Several cryptocurrencies were likewise higher: Ethereum , Solana , Cardano and Shiba Inu were up 5% to 8% in the last 24 hours. SUI, TAO, Dogwifhat , Celestia , SEI and FLOKI were recording gains ranging from 10% to 24%.Investors are now pricing in an additional 70 basis points of rate cuts at the Fed's November and December meetings, indicating a much more aggressive stance than policymakers.

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