According to analysts, prospective rate cuts leading into 2024 could positively impact cryptocurrency stocks and investment products.
Federal Reserve to slow and possibly lower interest rates in the upcoming year, a move many expect will provide a "positive boost" to cryptocurrencies and connected stocks.
Blackrock fund manager Jeffrey Rosenberg characterized the Fed's rate pause as a "green light" for investors during a Bloomberg interview, after which the S&P 500 rallied 1.37%.
The decision has already impacted some crypto stocks: following the announcement, Coinbase (COIN) and MicroStrategy (MSTR) saw shares increase by 7.8% and 5% respectively, while Bitcoin miner Marathon Digital (MARA) jumped 12.6%.