In recent months, the Federal Reserve (Fed) has been aggressively raising interest rates to combat high inflation. This has led to a sell-off of many assets including cryptocurrencies. Recently, the Fed announced its rate decision, causing a frenzy about its implications on cryptocurrencies like BNB (BNB) and VC Spectra (SPCT).
Will the Fed’s rate decision affect BNB’s performance and VC Spectra’s soaring price? Let’s find out!
Expert Express Opinions on the Fed’s Rate Decision and the Crypto Market
On September 21, 2023, the Federal Reserve announced its decision to raise or pause rates after a two-day meeting of the Federal Open Market Committee (FOMC).
The Fed’s decision is due to the high inflation, which is currently at a 40-year high. Its goal is to keep inflation at a low and stable level, around 2%. However, the Fed’s action has stirred the crypto community on the implications it would have on the market.
Ruslan Lienkha, chief of markets at Web3 platform YouHodler, said the Fed’s rate decision is unlikely to have a major impact on crypto prices in the short term. However, James Butterfill, head of research at Coins Shares said that events like FOMC meetings and high rates might prompt capital outflows, potentially affecting Bitcoin.
So, the market is still awaiting the implications the Fed’s decision will have on the price of Bitcoin and other top altcoins like BNB and VC Spectra (SPCT). Let’s see what experts have to say about these top altcoins’ potential.
Binance’s Legal Troubles Push BNB Down
While the market awaits the Fed’s decision implications on the market, BNB continues to deal with pressing legal issues affecting its price.
In August 2023, the SEC sought permission to submit specific documents confidentially as part of its civil lawsuit against Binance (BNB) and its CEO, Changpeng Zhao. The judge in the case granted the appeal, saying that the SEC had shown a compelling need to protect the confidential information in the documents.
The SEC’s lawsuit against Binance alleges that the company violated securities laws by offering unregistered securities to US investors. The SEC is also investigating Binance (BNB) for alleged money laundering and sanctions violations.
Due to Binance’s lawsuit with the SEC, the BNB coin price has declined significantly. Between August 1 and September 21, 2023, the BNB coin price dropped by 13%, from $244.72 to $211.36.
The lawsuit is still ongoing, and it is unclear when it will be resolved. Due to this, the BNB price prediction shows that the BNB coin price could incur more losses, dropping to $207.23 by October 2023.
VC Spectra (SPCT): A Top Altcoin to Watch Amidst Market Debate
Amidst the market debate on the implications of the Fed’s decision on the maker, VC Spectra (SPCT) continues to build on its image as a top DeFi token.
VC Spectra (SPCT) is a decentralized hedge fund that uses AI to invest in new ICOs and blockchain ventures. It generates high returns for investors by selecting and managing lucrative investment projects.
The platform rewards investors with quarterly dividends and buybacks from profits. SPCT investors can also earn money through the price appreciation of its native token, SPCT.
VC Spectra’s is in the third stage of its public presale, selling at $0.033. It has already increased in price by 312.5% from its first stage price of $0.008, and it is expected to increase again. In the coming month, VC Spectra will attain its fourth stage price of $0.044, another 33% surge.
Moreover, price projections show that by the end of the presale, SPCT will have increased in price by another 142% to $0.080. So, apart from its real-life utility, this unmatched profit potential makes VC Spectra one of the best DeFi coins to buy now.
More about VC Spectra and its presale, visit:
Buy Presale: https://invest.vcspectra.io/login
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