Bitcoin's price was flat on Wednesday after the Fed did what many analysts expected it to do and kept interest rates unchanged.
Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Bitcoin's price was mostly flat on Wednesday after the Federal ReserveThe world's largest cryptocurrency by market capitalization was unchanged at $27,186 at 2:15 p.m.
"Even with the same rate until the end of 2023, the yield of fixed income will continue to grow, which will exacerbate the situation for risk assets," he told The Block. He added that the current 5.5% target rate is not completely priced in yet, and that the current rate will affect markets for at least several months.
"There will be roughly 75 basis points of interest rate cuts in 2024 as the Fed becomes increasingly dovish," CoinShares Head of Research James Butterfill told The Block. "Introducing certainty into the markets with a rate pause is likely a positive signal for overall sentiment and likely will increase appetite for risk assets in the near term," he told The Block.
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