Bitcoin (BTC) saw bullish momentum on March 19 as traders awaited the release of the Federal Open Market Committee (FOMC) minutes and a press conference from Federal Reserve Chair Jerome Powell.
Investors closely follow the FOMC minutes and Powell’s remarks for insights into the Federal Reserve’s perspective on the U.S. economy, monetary policy, and interest rate decisions.
During the press conference, Powell confirmed that the Fed would keep interest rates steady within the 4.25%–4.5% range, where they have remained since December 2024.
While the Fed adjusted its economic growth outlook and reiterated concerns over inflation, its statements were largely in line with market expectations.
Both crypto and stock market traders had been anticipating a shift in the Fed’s quantitative tightening (QT) policy. The FOMC minutes confirmed a reduction in the central bank’s Treasury securities redemption cap from $25 billion to $5 billion per month.
Following these announcements, Bitcoin extended its rally, reaching an intraday high of $85,950 at the time of writing.
Meanwhile, traditional markets reacted positively, with the Dow Jones gaining 400 points and the S&P 500 rising by 77 points. Powell’s reaffirmation of plans for two additional rate cuts in 2025 aligns with crypto market expectations and could further support Bitcoin’s ongoing recovery.
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