Bitcoin experienced a noticeable drop while the most significant event of the week for investors was the recent Fed interest rate decision, but more could happen. Messages to be delivered by Powell about 30 minutes after the recently announced Fed interest rate decision will be noteworthy. Today might be the day that largely reveals the interest rate path in the markets for the second half of the year.
Fed Interest Decision and Crypto
Fed announced the interest decision a few moments ago. The four-year inflation data announced in recent months had exceeded expectations. Additionally, the non-farm employment data over the last five months also exceeded expectations.
At the end of April and the beginning of May, the presence of a negative outlook in cryptocurrencies and the reasons for the stagnation in ETFs were developments that could emerge after the Fed meeting. The Fed kept the interest rates unchanged in this meeting as expected by the market. Here are the details regarding the interest decision:
- No further progress towards the 2% target in recent months.
- Although inflation has decreased over the past year, it continues to be high.
While all this was happening, eyes were also on the Bitcoin price. Following the decision, Bitcoin’s price quickly rose, trading at $58,000, which represents a 2% increase at the moment.
Now, attention turns to Powell’s statements to be made in 30 minutes. We will continue to share these as breaking news. You can also follow important parts of the announcements live from our X (Twitter) account at (x.com/cointr).
