Bitcoin price news: BTC remains down sharply as Fed stays on hold

The Federal Reserve kept its benchmark fed funds rate steady at 3.50%-3.75%, as widely anticipated. Following this decision, Bitcoin remained sharply down, trading around $71,600, having already fallen nearly 4% due to surging oil prices and recent poor inflation data. The central bank faces the challenge of balancing a slowing employment market against inflation that remains above its 2% target, exacerbated by geopolitical tensions like the recent attack against Iran, which pushed oil prices near $100 per barrel. Market expectations show a 97% probability that the Fed will keep rates unchanged at the next meeting, with only one cut priced in for the rest of the year. Investors are now awaiting Federal Reserve Chair Jerome Powell's press conference for further clarity on the central bank's outlook.

(Source：CoinDesk)