The US Fed's move to cut interest rates by 25 basis points to 4.75% during the FOMC meeting on November 7 pushed the crypto market to remain positive as investors anticipated the move.
According to CryptoSlate data, Bitcoin has increased by 1% over the past 24 hours and its current price is $76,644.57. Ethereum recorded a more significant upward movement of 7.4% to $2,888.21.
Solana, on the other hand, rose close to $200 after growing 4.6% daily.
Meanwhile, the crypto market rose 1.3% with fund inflows approaching $2.7 trillion.
Additionally, US equity markets remained steady following the FOMC announcement with the S&P 500 rising 0.9% and the Nasdaq index rising 1.62%.
Fed Chairman Jerome Powell stated that economic activity continues to grow even though the outlook remains uncertain.
He added that the labor market has been somewhat relieved with a slight increase in the unemployment rate which remains low overall while inflation is moving towards the 2% target.
He also said that future rate decisions will depend on incoming data, economic prospects and the balance of risks to employment and inflation.
However, the election results will not affect rate policy in the near term.
