How NEAR Protocol reacted to the Federal Reserve Interest Rate Decision on 20 September 2023

The release

Released by the Federal Open Market Committee on 20 September 2023 at 2:00 PM EDT. The Federal Open Market Committee held its target range for the federal funds rate at 5.25–5.50%.

How NEAR Protocol moved

NEAR Protocol was at $1.110 when the figure came out. Fifteen minutes later it was unchanged, and an hour later 0.9% higher. Its high-to-low range in the hour after was 2.7% of its price, against 0.9% in the hour before.

Measured by Clometrix

NEAR Protocol's volume ratio was 2.59x, against a typical 5.46x. Its volatility ratio could not be measured: the price barely moved through the rest of the day, so there is no ordinary quarter hour to compare against. The ratio compares the quarter hour of the release with an ordinary quarter hour that same day, where 1.00x is no change.

What made it matter

Since 2021, Fed decisions that changed the rate have moved NEAR Protocol more than those that held it: a median volatility ratio of 3.93x across 18, against 2.43x across 28. This one held it.

Its record

Across 46 Fed Interest Rate releases since 2021, NEAR Protocol's median volatility ratio is 3.33x.

Minute by minute

Each row is the time after the release, with the same length of time before it for comparison.

After	High	Low	Close	Change	Range	Range before	Volume
1 minute	1.11	1.10	1.11	0.00%	0.90%	0.00%	19,575 NEAR
5 minutes	1.11	1.10	1.11	0.00%	0.90%	0.00%	54,756 NEAR
10 minutes	1.11	1.10	1.11	0.00%	0.90%	0.00%	89,641 NEAR
15 minutes	1.11	1.10	1.11	0.00%	0.90%	0.00%	102,780 NEAR
30 minutes	1.12	1.10	1.12	0.89%	1.79%	0.89%	271,860 NEAR
1 hour	1.13	1.10	1.12	0.89%	2.65%	0.89%	448,552 NEAR
2 hours	1.13	1.10	1.11	0.00%	2.65%	0.89%	970,872 NEAR
4 hours	1.13	1.10	1.12	0.89%	2.65%	1.79%	1.195M NEAR
6 hours	1.13	1.10	1.12	0.89%	2.65%	1.79%	1.398M NEAR
8 hours	1.13	1.10	1.12	0.89%	2.65%	1.79%	1.751M NEAR
12 hours	1.16	1.10	1.14	2.63%	5.17%	1.79%	4.454M NEAR

Every coin at this release

Coin	Price swing	Usual for Fed Interest Rate	Reaction
Bitcoin	3.47x	4.24x	Ordinary
Ethereum	2.14x	4.08x	Muted
XRP	1.45x	3.61x	Quiet
BNB	1.98x	3.05x	Muted
Solana	1.78x	3.11x	Muted
Dogecoin	2.44x	3.69x	Muted
TRON	1.54x	2.50x	Muted
Cardano	2.11x	3.31x	Muted
Chainlink	2.30x	3.50x	Muted
Sui	1.62x	2.91x	Muted
Bitcoin Cash	2.70x	3.19x	Ordinary
Hedera	1.50x	2.99x	Muted
Avalanche	1.99x	3.47x	Muted
Litecoin	2.32x	3.37x	Muted
Shiba Inu	2.68x	3.45x	Ordinary
Uniswap	2.00x	3.05x	Muted
Polkadot	3.01x	3.16x	Ordinary
Aave	3.35x	3.41x	Ordinary
NEAR Protocol	Not measured	3.33x	-
Aptos	2.02x	2.93x	Muted
Internet Computer	2.01x	3.24x	Muted
POL (prev. MATIC)	2.93x	2.93x	Ordinary
Filecoin	1.99x	4.03x	Muted

What is the Federal Reserve Interest Rate Decision?

The Federal Open Market Committee (FOMC) has eight regularly scheduled meetings each year, but they can meet more often if the need should arise. The meetings are not held in public and are therefore the subject of much speculation on Wall Street, as analysts attempt to predict whether the Fed will tighten or loosen the money supply with a resulting increase or decrease in interest rates.

Every Fed Interest Rate release for NEAR Protocol

Disclaimer

The data analysis, forecasted results and projections provided herein are based on historical price action and market trends. While every effort has been made to ensure the accuracy of the information, these predictions are speculative and should not be considered a guarantee of future performance. Market conditions can change rapidly, and past performance is not indicative of future results. Trading and investing involve significant risk, and you should conduct your own research and consult with a licensed financial advisor before making any investment decisions. We do not assume any liability for any losses that may result from reliance on this information.