Cryptos and stocks surge higher after the Fed holds rates, projections steady

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage of important industry events and analyses of market-affecting developments.

At the closing bell, the S&P, Dow, and Nasdaq all finished in the green, up 0.89%, 1.03%, and 1.25%, respectively.) rebounded from a dip to $62,000 shortly before Fed Chair Jerome Powell spoke and has rallied back above $66,000, with bulls looking to continue to push the price action.“Bitcoin rallied leading into the FOMC meeting and after, pairing the earlier losses of the last week,” said Steven Lubka, Head of Private Clients at Swan Bitcoin, in a note to Kitco Crypto.

While news headlines have been focused on the ‘big correction’ for Bitcoin, legendary trader Peter Brandt says the long-term chart shows it's business as usual, but warned that those chasing “crap coins” with leverage should be careful if a deeper correction does manifest.“In the end, there will be only one crypto standing – that is the legend $BTC,” he added. “Target on this run is 65%. All others are pretenders. In the end, 99% of memes, crapcoins even most other macro caps will=ZERO.

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