Breaking: US Fed Keeps Interest Rate Unchanged, Bitcoin Price Drops
Crypto Market News: The Federal Open Market Committee (FOMC) on Wednesday announced its decision to pause interest rate hikes, as expected widely in the financial markets. The central bank signaled that additional rate increases are possible later in 2023. This comes at the back of the easing inflation rate in the United States in May 2023, as the Consumer Price Index (CPI) came out to have risen 0.1% month over month. Meanwhile, the Bitcoin price is showing bullish signs in its initial reaction to the Fed decision.
Also Read: Terra Classic Biggest v2.1.1 Parity Upgrade Goes Live, LUNC Price Rally 8%
Bitcoin Price Reaction To Fed Decision
The Bitcoin price maintained sideways momentum in its initial reaction to the rate hike pause. However, the hints of possible rate hikes later in the year may result in a pump and dump scenario for Bitcoin. Earlier, CoinGape reported that traders will be keenly looking at the Fed’s message around possibility of rate hikes in the next meeting in FOMC. It was said that the market price movements could be decided by how the US central bank forecasts about its upcoming decisions.
However, a majority of the US Fed officials see possibility of rate cuts in 2024. Meanwhile, the S&P 500 Index took a sharp fall of 0.45% following the FOMC decision, whereas the Nasdaq Composite Index fell 0.52%.
Also Read: Binance Looks To Deregister As Crypto Service Provider In Cyprus
- Crypto Market Rally: Will Bitcoin Catch Up With S&P 500 Gains After Fed Rate Cut?
- Ripple Partners DBS, Franklin Templeton To Launch Trading And Lending Backed by RLUSD
- XRP, SHIB, HBAR Among 15 to Get Faster Crypto ETF Approval Under SEC’s New Rule
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
