LIVE๐ **Bitcoin and Ether Rebound on Federal Reserve's Rate Cut Assurance**
๐ As reported by Blockworks, Bitcoin (BTC) and Ether (ETH) staged a recovery on Thursday, mirroring the uptrend in the stock market. This surge came after the Federal Reserve reassured traders of anticipated rate cuts later this year.
๐ฐ Bitcoin surged back above the $68,000 mark, marking a nearly 4% increase in 24 hours following a sluggish start to Q2 of 2024. Ether also bounced back, climbing over 2% to trade just shy of $3,400 at the time of the report.
๐ The S&P 500 and Nasdaq Composite indices also witnessed a turnaround on Thursday, with gains of 0.7% and 1.1% respectively. This followed Federal Reserve Chairman Jerome Powell's comments on Wednesday, where he reiterated expectations of lower rates before the end of 2024.
๐ฌ Noelle Acheson, author of the Crypto is Macro Now newsletter, highlighted the Federal Reserve's 'data dependent' approach, which prioritizes reality over theory and offers flexibility to adapt to changing events. However, she also noted potential drawbacks, including the delay in action due to backward-looking data and disagreement over which metrics hold true significance.
๐ The Bureau of Labor Statistics is poised to release the March employment report on Friday. Analysts anticipate unemployment to remain steady at 3.9%, significantly below the historical average. If the economy shows signs of accelerating too rapidly, central bankers may opt for a 'no landing' strategy, signaling a return to hiking rates, according to analysts.
Stay tuned for more updates as the market continues to evolve! ๐๐
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