Ripple gains ground but marks weekly losses as cryptocurrencies face pressures

Cryptocurrencies were mixed on Friday but marked a weekly loss this week as markets assess latest data and remarks by Fed officials. 

Minneapolis Fed President said yesterday the Fed will need to take it slow before deciding on a rate cut, and it might not even occur at all until 2025. 

A prominent JPMorgan analyst said it’s possible for the Fed not to enact any rate cuts in 2024 as inflation remains relatively high. 

Fed Chair Jerome Powell said in a symposium earlier this week that inflation has stiffened and held its place during the first quarter, raising doubts about the prospects of interest rate cuts in 2024.

Powell added that it’s clear that recent inflation data didn’t give the Fed enough confidence that inflation is heading towards the target, and it could take longer than expected.

Ripple

On trading, ripple rose 0.6% as of 19:44 GMT to $0.5048, marking a 5.4% loss this week.