The Federal Reserve kept interest rates unchanged, Bitcoin prices rose slightly, and market expectations that interest rate cuts will drive the rise of cryptocurrencies 🚀

Key takeaways:

The Federal Reserve keeps interest rates unchanged: As expected by the market, the Federal Reserve decided to keep the current interest rates unchanged.

Bitcoin prices edge higher: Bitcoin prices edged higher to $66,585, but still failed to break through the 2021 all-time high.

Impact of high interest rate environment: Investors tend to avoid risky assets, such as technology stocks and cryptocurrencies, in a high interest rate environment.

Background of the Federal Reserve's interest rate hike: In order to cope with the high inflation caused by the epidemic, the Federal Reserve will raise interest rates significantly starting in 2022.

Market Performance: Despite tough market conditions, cryptocurrencies and stocks have made significant gains over the past year.

Interest rate cut expectations: Analysts believe that if the Federal Reserve cuts interest rates in September, more capital will flow into the cryptocurrency market.

Powell Speaks: Federal Reserve Chairman Powell said cryptocurrencies have “staying power” and emphasized the need for regulation of stablecoins.

Market interpretation:

With the Federal Reserve keeping interest rates unchanged, market expectations for future rate cuts have increased, causing investors to pay more attention to cryptocurrencies. Although Bitcoin is currently only rising slightly, expectations of interest rate cuts may bring more capital inflows to the crypto market, pushing the price up further. As major central banks around the world adjust their monetary policies, the cryptocurrency market may usher in new opportunities.

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