Following Trump’s new tariffs announcement, the stock market plummeted, but the Federal Reserve has yet to decide on changing its interest rates. Jerome Powell, the Federal Reserve Chair, stated at the annual Advanced Business Editing Society conference that until achieving more transparency regarding economic conditions, they won’t alter their policies. He emphasized that now isn’t the right time for an interest rate change and they need to wait for further economic developments. The new tariffs may lead to more inflation and slower economic growth, but their goal is to maintain long-term inflation expectations. However, right before Powell’s speech, Trump criticized him via tweet, urging for a rate cut, claiming it’s the appropriate time for such action. Trump’s new tariffs had a significant negative impact on global markets, causing a stock sell-off. Amidst this, JP Morgan predicts a 60% increase in the likelihood of a global recession if the tariffs continue. While stocks plummeted, Bitcoin (BTC) remained above $83,000 despite pressures, outperforming traditional stock and gold markets. Besides Bitcoin, Ripple (XRP) also surged by 12% in the last two days, reaching $2.12 due to new buying pressure and China’s tariffs against the USA, causing market fluctuations. This rally was accompanied by bullish signals like MACD crossovers. If the upward trend continues and Bitcoin’s momentum is sustained, XRP price could reach $2.58. Visit the live digital currencies price page to monitor all tokens and cryptocurrencies’ prices in real-time.
