cryptoupdate
Contributor
The cryptocurrency market witnessed a minor drop on Wednesday following the publication of the Federal Reserve's March policy meeting minutes. This news created a ripple effect across the market, resulting in a reduction in the worth of different cryptocurrencies. The Federal Reserve's decision-making approach carries a crucial influence on the worldwide economy, and investors keep a close eye on their policy meetings for any indications of forthcoming adjustments.
Major Events Around the World
The Bureau of Labor Statistics has released the highly anticipated US CPI data for March. The report reveals that the annual inflation rate has surged by 5%, while the month-on-month price rise has been a modest 0.1% in March. The all items index has increased by 5.0% for the 12 months ending March, marking the smallest 12-month increase since May 2021. Meanwhile, the all items less food and energy index has risen by 5.6% over the last 12 months. Interestingly, the energy index has decreased by 6.4% for the 12 months ending March, while the food index has increased by a staggering 8.5% over the last year. These figures are significant as they provide valuable insights into the current state of the US economy.On Wednesday, the crypto market experienced a decline following the release of the minutes from the Federal Reserve's March policy meeting. The minutes revealed that several members of the Federal Open Markets Committee (FOMC) expressed concern about the regional bank liquidity crisis. This news was compounded by a lower-than-anticipated inflation report, which contradicted the underlying data and solidified the probability of another policy rate hike when the Fed meets next month.
Following reports indicating a possible relaunch, FTX's legal team has confirmed the same. CoinGape previously reported on monthly fee filings by FTX's lawyers, suggesting a relaunch in the second quarter. FTX's attorneys have now confirmed that the crypto exchange has successfully recovered $7.3 billion in assets. Additionally, they have revealed plans to consider restarting operations in the second quarter of 2023. This news is a positive development for FTX and the wider crypto community, as it signals a potential return to normalcy for the exchange...read more
