Bitcoin price swings as Federal Reserve opts to hold interest rates in place
The U.S. Federal Reserve held its federal funds interest rate at 5.25%, following an extended period of consecutive rate hikes.
Bitcoin’s price gyrated in the aftermath of the announcement, dropping back below $26,000 after temporarily exceeding that value, according to TradingView data. Bitcoin is currently trading at around $25,830.
BTCUSD Chart via TradingView
The top cryptocurrency by market capitalization has largely traded in a narrow range and is down about 0.5% today.
“Inflation remains elevated,” the Federal Reserve said in a statement. “The Committee is strongly committed to returning inflation to its 2 percent objective.”
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Author: Michael McSweeney
