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Bitcoin rises above $42,700; Cardano jumps 17% after US Fed signals end of rate hikes

Major crypto tokens were trading higher in Thursday's trade after the US Federal Reserve flagged the end of its tightening cycle and bolstered expectations of a rate cut in March 2024. The Fed acknowledged it is making real progress in easing inflation while maintaining a rate pause and adding that hikes were not the base case anymore. At 11:11 a.m., BTC was trading 4.6% higher at $42,784, while the second most popular token, Ethereum, was up 4.2% at $2,259. At the same time, the global cryptocurrency market cap advanced by 4.4% in the last 24 hours to approximately $1.6 trillion. Other popular altcoins, like Cardano, Solana, Polkadot and Avalanche, rallied 8-17%.

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