Bitcoin Tops $67K on Dovish Fed Remarks; Ether Rebounds From SEC Fears, DOGE Soars

Bitcoin topped $67,000, a more than 10% jump from lows hit hours earlier, after the Fed's decision on rates and comments about interest rates.

Ether rebounded from a drop prompted by fears of more SEC regulation, while dogecoin soared on Coinbase's plan to list futures contracts.targeting $67,000 on Wednesday as U.S. Federal Reserve Chair Jerome Powell hit a dovish tone after and the central bankled gains among major cryptocurrencies as people finally noticed a Coinbase plan, posted on a U.S. regulator's website several weeks ago, to offer futures contracts on them. The broad-marketTraditional markets also climbed higher.

Digital asset prices suffered a steep correction over the past week, with BTC enduring its largest daily loss since the collapse of FTX in November 2022, as market participants turned risk-averse ahead of the Fed's Wednesday decision, fearing that last month's stickier inflation reports could deter the Fed rate cut plans.

Powell said during a press conference that"we are making good progress on bringing inflation down," despite the higher inflation readings. "Fed expects slightly higher inflation but not enough to derail their dovish inclination," Fejau, an analyst at market analytics firm Reflexivity Research, said in anin a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

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