Best Crypto to Buy Now 3 May – Stacks, Optimism, Bitcoin Cash
The U.S. Federal Reserve has taken action to address the nation's elevated inflation rates by raising rates once again, as expected.
At the same time, the institution is grappling with the fallout from a series of bank collapses that have garnered significant attention.
How might this dynamic macroeconomic backdrop influence the best cryptos to buy now?
The Federal Open Market Committee (FOMC) of the Federal Reserve has maintained its trajectory of interest rate hikes, a trend spanning over a year.
The committee raised the federal funds rate by 25 basis points once again, setting a target range of 5% to 5.25%.
Following the announcement, bitcoin (BTC) experienced a slight uptick, registering a gain of 1.32% for the day as it once again attempts to mount the significant 29k level, trading at $29,071.
Though the Fed's decision was anticipated, market participants were keen to hear Chair Jerome Powell's remarks during the post-meeting press conference.
The central question was whether the Fed would consider pausing its rate hikes, which have propelled the federal funds rate from 0% in early 2022 to its present level.
The policy statement excluded language implying a definite continuation of rate hikes and acknowledged the impact of "tighter credit conditions" on the economy.
The FOMC emphasized its consideration of the overall effects of monetary tightening and other economic factors.
Although inflation has shown signs of easing to approximately 5%, it continues to significantly exceed the Federal Reserve's objective of 2%, indicating that additional measures to constrict monetary policy could be necessary.
The Fed also faces challenges from bank vulnerabilities, with the recent example of First Republic (FRC) requiring intervention
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