Bitcoin (BTC) Price Falls After Fed Interest Rate Decision

After the price of Bitcoin (BTC) rose sharply today, Federal Reserve Chairman Jerome Powell put a damper on the bulls with hawkish comments.

powell fixed that the Federal Reserve had no commitment to a particular rate cut, stating that its current rate path “depends on the data.”

On Wednesday, the Federal Reserve left its benchmark interest rate unchanged. The decision was in line with market expectations.

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Bitcoin (BTC) Price Falls After Fed Interest Rate Decision

Earlier today, the price of Bitcoin rose to almost $70,000 on the back of colder-than-expected US inflation data.

While the Federal Reserve has “welcomed” the latest consumer price index (CPI) reading, Powell says it needs to bolster confidence in inflation.

Bitcoin has now pared a substantial portion of its recent gains due to Powell’s hawkish comments, currently trading at $68,837 on the Bitstamp exchange.

The Federal Reserve has signaled that there will only be one rate cut this year despite cooling inflation, but its message is quite confusing.

However, it’s worth noting that the market is still pricing in two quarter-point rate cuts in 2024.