Summary
Bitcoin and ether rebounded alongside stocks after Federal Reserve assurances of rate cuts coming this year. Fed Chair Powell stated lower rates are expected by end of 2024, but uncertainty remains due to better-than-expected economic data. Central bank decisions are now data-dependent, with focus on upcoming employment report. If economy accelerates too quickly, central bankers may consider hiking rates again.
Key Points
1. Bitcoin and ether rebounded alongside stocks as the Federal Reserve reassured traders about upcoming rate cuts.
2. Bitcoin rallied close to 4% while Ether gained more than 2% on Thursday, recovering from a disappointing start to the second quarter of 2024.
3. Federal Reserve Chairman Jerome Powell confirmed that lower rates are expected before the end of 2024, but the path forward is uncertain due to better-than-expected economic data.