Bitcoin fights to get above $58,000 as Fed maintains unchanged rates

Federal Reserve holds rates steady, Bitcoin reacts with a sharp increase.

Quick Take

The Federal Reserve has opted to maintain the fed funds rate within the range of 5.25% to 5.50%. Preceding this decision, Bitcoin experienced a decline from approximately $64,000 to a low of around $56,500. Presently, Bitcoin is trading at approximately $58,000.

BTCUSD: (Source: TradingView)

Following the decision, notable movements have been observed in crypto equities. Coinbase shows a rise of over 3%, while Marathon Digital Holdings sees an increase of above 2%.

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Additionally, the Ethereum to Bitcoin ratio stands firmly above 0.051, over 3% higher on the day. Concurrently, the DXY index has gradually declined to just above 106.

Based on the CME Fed Watch tool, it is now anticipated that the Federal Reserve will maintain its current stance until September, with the first rate cut projected for November.

CME Fed Watch Tool: (Source: CME)

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Author: James Van Straten

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