The price of Bitcoin dipped 2.5% after the Fed pressed pause on interest rates and dampened any hope of rate cuts next month.
Bitcoin (BTC) stumbled on Wednesday after the United States Federal Reserve decided to leave interest rates unchanged, hosing down hopes for a potential rate cut in March.
During the Federal Open Markets Committee press conference on Jan. 31, the Fed Reserve Board said interest rates would stay at 5.25%-5.50%, adding that it would need “greater confidence” that inflation pressures had been dealt with before cutting rates.
The price of Bitcoin fell a little over 2.2% following the FOMC announcement and is currently changing hands for $42,590 — though it is still up 7% for the week, per TradingView data.
