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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%.
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)
The post Bitcoin fights to stay above $58,000 as Fed maintains unchanged rates appeared first on CryptoSlate.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.