With the expectation of further rate cuts heading into 2024, analysts say this could be a “positive boost” for crypto stocks and investment products.
A decision from the United States Federal Reserve to pause and possibly lower interest rates in 2024 will likely serve as a “positive boost” for cryptocurrencies and crypto stocks.
In a Dec. 13 interview with Bloomberg, BlackRock fund manager Jeffrey Rosenberg described the Fed’s rate pause and hint at rate cuts next year as a “green light” for investors, with the S&P 500 rallying 1.37% on the decision.
Crypto stocks saw significant gains on the back of the announcement, too, with shares of Coinbase and MicroStrategy spiking 7.8% and 5%, respectively, while Bitcoin (BTC) miner Marathon Digital jumped 12.6%.