Cryptocurrencies shine with positive performance ahead of US payrolls data

Most cryptocurrencies rose on Thursday as markets continue to assess the Federal Reserve’s policy decisions and statements by Fed Chair Jerome Powell, while waiting for the crucial US payrolls report. 

Earlier government data showed unemployment claims stayed flat at 208 thousand last week, while analysts expected a rise to 212 thousand. 

The Federal Reserve announced its decision to maintain interest rates unchanged between 5.25% and 5.5% for the sixth straight meeting.

The Fed’s policy statement indicates it doesn’t expect to perform any rate cuts until there’s enough confidence that inflation is moving sustainably towards 2%.

Fed Chair Jerome Powell said in his press conference on Wednesday that the Fed expects policies to remain restrictive for sometime in order for inflation to hit the 2% target. 

He added that he doesn’t expect the next policy step to be a rate hike, however he doesn’t expect a rate cut until inflation is reliably heading towards 2%. 

Tomorrow, the US government will release the important payrolls report for April, which will provide important clues on the future of US monetary policies.

Ethereum 

Ethereum rose 2.7% today as of 21:02 GMT to $2995. 

Ripple

Ripple rose 2.5% as of 21:02 GMT at CoinMarketCap to $0.523. 

Solana

Solana rallied 6% as of 21:02 GMT at CoinMarketCap to $137.7.