U.S. President Donald Trump expressed dissatisfaction with the Fed's decision to keep interest rates steady, affecting the cryptocurrency market.
President Trump's Criticism
In a recent post on Truth Social, Donald Trump harshly criticized Fed Chairman Jerome Powell for his unyielding stance on interest rates. Trump labeled him as 'the worst' and 'a real dummy' who's costing America billions.
Fed's Decision on Interest Rates
During the June 18 meeting, the Fed unanimously decided to maintain interest rates in the range of 4.25% to 4.5%, despite pressure from the Trump administration to lower them by two points. The Fed expressed confidence in the need to wait for further signals from the economy before making decisions.
Cryptocurrency Market After Fed's Statement
The Fed's decision to keep interest rates unchanged impacted the cryptocurrency market, as Bitcoin remained stagnant around $104,000. Since the announcement of rates, Bitcoin has shown weak gains, leaving many traders disappointed.
Trump's criticism of Powell and the Fed's steady interest rates decision has led to diminished investor confidence, impacting a cryptocurrency market currently faced with uncertainty.
