Bitcoin’s Price Drops Below $64k as Entire Market Turns Red, XRP Loses Gains
Bitcoin’s price dropped 1.4% to $63,721 on Thursday after the US Federal Reserve decided to keep interest rates unchanged and amid concerns about rising tensions in the Middle East.
The crypto asset dropped below $65,000 for the first time in a week. This occurred after Fed officials, as economists expected, decided to keep interest rates unchanged at their July meeting on Wednesday. They also suggested that recent progress in lowering inflation might soon permit rate cuts.
The Fed decided to keep interest rates steady at around 5.3%, a two-decade high where they’ve been for a year. At a news conference, Fed Chair Jerome Powell mentioned that a rate cut “could be on the table” at the next meeting on Sept. 18.
FOMC update:
– Rates unchanged
– FED says no rate cuts until it is more confident that inflation is moving to 2%
You don't need a career in economy to know that the FED was not going to let the market get hyped up.
It would be an unnecessary risk. pic.twitter.com/pdyV75gKr5
— CrypNuevo
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