US Fed Keeps Interest Rate Unchanged, Bitcoin Price Drops

Also Read: Terra Classic Biggest v2.1.1 Parity Upgrade Goes Live, LUNC Price Rally 8%

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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

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