Why Bitcoin, Dogecoin, and XRP Are Rising Today
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The price of several cryptocurrencies moved higher today after the Federal Reserve concluded its March meeting yesterday, as well as due to some token-specific news.
Since late afternoon yesterday, the price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), traded about 4.8% higher as of 12:02 p.m. ET today, with Bitcoin above $28,700. Meanwhile, the price of XRP (CRYPTO: XRP) traded roughly 7.2% higher, and the meme token Dogecoin (CRYPTO: DOGE) was up close to 8%.
The Fed concluded its meeting yesterday with a quarter-point hike to interest rates, bringing the Fed's overnight benchmark lending rate, the federal funds rate, to inside a range of 4.75% and 5%. The Fed also seemed to take a more dovish tone and indicate that its rate-hiking campaign may soon come to an end.
Source Fool.com
