Bitcoin Price Fights For $70,000 As Federal Reserve Holds Rates

The Federal Reserve maintained its benchmark interest rate in the 3.50% to 3.75% target range for the second consecutive FOMC meeting, despite one member advocating for a cut. Bitcoin's price reacted by falling about 3.6% to around $70,500, struggling to hold the $70,000 mark after recently peaking near $76,000. The decision comes against a backdrop of elevated inflation, slowing job growth, and increased geopolitical uncertainty due to the Middle East conflict, which has driven up energy prices. Fed Chair Jerome Powell noted that inflation expectations have risen due to oil prices and emphasized a data-dependent approach for future policy. Historically, Bitcoin markets are sensitive to rate expectations, and analysts suggest current economic uncertainty is causing investors to reduce exposure to riskier assets like crypto.

(Source：Bitcoin Magazine)