Bitcoin Dips as Fed Holds Rates Steady, Dashing Hopes for March Cut

Bitcoin Dips as Fed Holds Rates Steady, Dashing Hopes for March Cut



On Wednesday, Bitcoin's value experienced a 2.5% decline as the Federal Reserve in the United States chose to maintain the status quo on interest rates, quelling speculations about potential rate reductions in the upcoming month.



Bitcoin, trading under the symbol BTC, saw its price drop to $42,540. This downturn occurred in response to the Federal Open Market Committee's announcement on January 31st. The Committee, during their press conference, confirmed that interest rates would remain between 5.25% and 5.50%. They emphasized the need for increased confidence in effectively addressing inflationary pressures before considering any rate cuts.



Following this announcement, Bitcoin's price marginally decreased by over 2.2%, trading around $42,590, as reported by TradingView. Despite this dip, Bitcoin has shown a 7% increase over the


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#Bitcoin, #Blockchain, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #Fed, #FederalReserve, #News, #Regulations

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