US crypto mining stocks fell by the end of the May 28 trade after minutes published by the Federal Reserve signed a growing uncertainty about the country’s economic perspective.
The crypto market remained unrighteous, despite stock drops in crypto miners.
Uncertainty about economic perspective
The minutes At the Federal Open Market Committee meeting on May 6 and 7, released on May 28, said, “The committee may face difficult tradeoffs if inflation proves to be more patient as perspectives for growth and work have weakened.”
The Fed concluded after its meetings in early May to maintain interest rates at 4.25% to 4.50%, that minutes revealing the cause was due to “a further increasing uncertainty about economic views and increasing risks of both higher unemployment and higher inflation.”
The Riot Platform (RIOT) closed May 28 Trade Day to 8.32%, Cleanspark (CLSK) fell 7.61%, and Mara holders closed 9.61%, According to In Google Finance data.
Meanwhile, the Crypto Exchange Coinbase (coin) also dropped 4.55%, expanded by Michael’s firm Microstrategy (MSTR) Having failed to represent nature of Bitcoin (Btc) accurate investment.
The S&P 500 refused 0.56% on the day of trading.
Tightening between Trump and the Fed
It came after tension between US president Donald Trump And the Federal Reserve, following Trump’s public criticism of Fed Chair Jerome Powell for not cutting interest rates quickly. On April 17, Trump said, “Powell’s conclusion cannot come quickly!”
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The crypto market remained relatively stable at the same time. Bitcoin dropped 0.90% in the past 24 hours, trading at $ 107,942 at the time of publication.
Sentiment also well in the market, including Crypto Fear & Greed Index As three points to 74 climbed, moved to the “Greed” territory.
Federal Reserve’s next interest rate decision is set for June 18, with 97.8% of market participants expecting rates that remain unchanged, According to In the tool of the CME Fedwatch.
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