Dogecoin DOGE/USD is trading higher by 4.5% to $0.0958 Wednesday afternoon. Shares of several altcoins are trading higher amid overall market strength after the Fed left rates unchanged, with most Fed officials seeing rate cuts in 2024-2026.
Cryptocurrencies like Dogecoin are sometimes seen as a hedge against traditional financial systems. If investors interpret the Fed's future rate decisions as a sign of economic uncertainty or inflation concerns, they might turn to cryptocurrencies, including Dogecoin, as a way to diversify their portfolios and hedge against such risks.
What Happened With The Fed?
The Federal Reserve maintained the federal funds rate at 5.25% to 5.5%, pausing hikes seen since March 2022. Despite acknowledging a recent decrease in inflation, their goal remains to further reduce it toward the 2% target.
They emphasized reliance on upcoming data to steer their future policy decisions...Read More
See Also: If You Invested $1,000 In Trump NFTs, Here's How Much You Made In A Year
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
