Bitcoin battles to hold its ground above $58,000 amidst unchanged rates by the Federal Reserve
The Federal Reserve has made the decision to keep the fed funds rate steady at a range of 5.25% to 5.50%. This announcement has coincided with a drop in Bitcoin’s value, seeing it go from around $64,000 to a low of about $56,500. At present, Bitcoin is trading at approximately $58,000.
Since the announcement, there have been noticeable movements in the crypto stock market. Coinbase has experienced a rise of over 3%, while Marathon Digital Holdings has seen an increase of more than 2%.
Furthermore, the Ethereum to Bitcoin ratio remains strong above 0.051, showing a daily increase of over 3%. Simultaneously, the DXY index has gradually declined, sitting just above 106.
According to the CME Fed Watch tool, it is anticipated that the Federal Reserve will maintain its current stance until September, with the possibility of the first rate cut projected for November.