Bitcoin Lifted by Fed's Crypto Remarks, Rate Cut Signals — Market Talk

Bitcoin rises along with other cryptocurrencies after the Federal Reserve said U.S. banks are fully equipped to accommodate crypto clients at Wednesday's meeting, LMAX Group strategist Joel Kruger says in a note. This marked a "significant shift in tone and positioning," he says. The crypto market was also supported by the Fed suggesting that there could be more rate cuts in the pipeline even as it paused policy easing, he says. The comment weighed on the dollar and carried over to demand for cryptocurrencies as yield differentials moved out of the U.S. currency's favor, he says. Bitcoin rises 1.6% to $105,545, according to LSEG. ([email protected])