At its second FOMC meeting this year, the US Federal Reserve left key interest rates unchanged, aligning with most experts' expectations.
Fed's Decision on Interest Rates
As anticipated by many industry experts, the US Federal Reserve decided to keep key interest rates steady. Betting platforms suggested a 99% likelihood of this outcome ahead of the meeting.
Bitcoin Price Fluctuations
Despite the predictability of the Fed's decision, Bitcoin experienced some turbulence. Prior to the meeting, the cryptocurrency's price reclaimed the $83,000 level after falling below $81,500. Following the news, Bitcoin spiked to $85,000 but then fell below $84,000. Currently, it is striving to stay above this mark.
Market Reaction to the News
The market was expecting this development, but price fluctuations occurred following the announcements. As of now, the market is stabilizing and trying to adjust to the new conditions.
The Fed's decision to keep interest rates unchanged caused anticipated instability in the cryptocurrency market. Bitcoin, having experienced fluctuations, is striving to stabilize. Market participants will closely monitor the Fed's subsequent actions and economic data for further market direction.
