Bitcoin and the cryptocurrency market rose after the Federal Reserve reduced rates for the first time since Trump's victory.
At this month's Federal Open Market Committee meeting, the Federal Reserve lowered U.S. funding rates by 25 basis points, extending the 50bps decrease from September.
Bitcoin stayed over $76,000, and the crypto market stayed positive. Wall Street rose as the CBOE Volatility index fell following the meeting.
Pre-meeting bitcoin values remained mostly stable. Social media pundits suggest FOMC decisions may have less influence on digital asset values in the future.
Supporters highlighted that the Fed eliminated wording indicating “greater confidence on inflation.” Speculators attributed the fluctuations to elections and expected monetary policy changes.
Trump and Powell have often disagreed on Fed interest rate policy. Trump slammed Powell for his cautious rate environment after selecting him Fed head in 2017. President Trump said Powell's actions hampered U.S. economic growth.
Powell may retire once Trump takes office in January. Powell indicated he wouldn't resign if Trump requested during a post-FOMC news conference.In the discussions, Fed chair Jerome Powell said central bank authorities would not change policy due to short-term inflation or elections.
