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coinpedia 2024-12-16 10:55:55

Fed Rate Cut Date 2024: How December 18 Decision Could Shape the Crypto Market

The post Fed Rate Cut Date 2024: How December 18 Decision Could Shape the Crypto Market appeared first on Coinpedia Fintech News This is an extremely crucial week for the US market. The US Federal Reserve is expected to announce a 25bps rate cut on December 18. The event is expected to impact the crypto market. The upcoming is the second rate cut in 2024. Here is what you should know. Federal Reserve’s Interest Rate Decision: What You Should Know It was in September that the Federal Reserve introduced its first rate cut of 2024. Then, it reduced the interest rate target to a range of 4.75% to 5%. It was the weakened job market that primarily prompted the Fed Reserve to take a quick rate cut decision. In the sector week of October, the Initial Jobless Claims index dropped from 260 Thousand to 242 Thousand. On December 18, the US Federal Reserve is likely to announce its second major interest rate cut of 25bps. CME gives a probability of at least 93.4% for a rate cut of 25bps. Impact of Fed Rate Cut on Cryptos Since the September Federal rate cut, the entire crypto market has seen a growth of 71.77%; particularly, the market cap of all cryptos, excluding the top ten, has surged by at least 87.16%. In October and November, the Bitcoin market showed +11.2% and +37.4% growth respectively. Though in October, the Ethereum market recorded a negative performance of -3.16%, the market registered a positive performance of 47.4% in November. Experts believe that the upcoming rate cut will also impact the crypto market positively. In the last 24 hours, the entire market has witnessed a positive change. Bitcoin and Ethereum have grown by 2.3% and 1.9%, respectively, during the period. Prime Economic Events Crypto Investors Should Never Miss On Thursday, December 19, the US GDP Growth Rate Final and the US Core PCE Prices Final will be released. In the first quarter, the GDP growth rate was just 1.6%. In the second quarter, it grew to 3%. This time, the consensus is that the index will drop further to 2.8% range. The TEForcast also supports the consensus. In the first quarter of 2024, the PCE Prices index was at 3.7%. In the second quarter, it slipped to 2.8%. This time, the consensus is that the index will drop to 2.1%. The TEForcast also predicts the same. In conclusion, this week is pivotal for both the US economy and the crypto market. With the Federal Reserve’s rate decision and key economic indicators like GDP and PCE Prices set for releases, these events could shape market trajectories.

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