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Crypto and Stock Market Link in Question After Fed Signals Tapering
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cryptonews.comDespite the US Federal Reserve (Fed) saying yesterday that it is committed to maintaining its “accommodative stance of monetary policy,” major cryptoassets dipped immediately following the news. Meanwhile, this dip stood in contrast to the stock market, which surged higher as the Fed’s statement was released.
According to the statement at 14:00 EDT (18:00 UTC), the Fed made it clear that it plans to reduce its monthly asset purchases by USD 15bn, a move usually described as tapering. However, it also added that it is “prepared to adjust the pace of purchases” if the economic outlook changes.
Immediately following the release of the statement, bitcoin (BTC) dropped, moving down by about 3% from USD 62,470 to a low of USD 60,382, all within
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