Fed's Interest Rate Cuts Projection Boosts Crypto Market Rally

The crypto market and mainstream markets rallied after the US Federal Reserve hinted at potential interest rate cuts in 2024. The Fed left interest rates unchanged for now, citing strong economic performance in the US. The majority of the central bank's open market committee anticipates three rate reductions in 2024. Investors reacted bullishly, with the Dow Jones index reaching new all-time highs and cryptocurrencies like Bitcoin and Ethereum posting gains. Additionally, the chairman of the Commodities Futures Trading Commission (CFTC) stated that most digital tokens are commodities, contradicting the US Securities and Exchange Commission (SEC), and called for Congress to step in and regulate the industry.