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The Fed Kept the Rate Unchanged. Bitcoin Held Its Position
On July 30, the U.S. Federal Reserve (Fed) kept the key interest rate in the range of 4.25–4.5%.
“Although fluctuations in net exports continue to affect the data, recent figures indicate a slowdown in economic activity during the first half of the year. The unemployment rate remains low, and the labor market is stable. Inflation remains elevated,” the Fed said in a statement.
The decision matched market expectations and the consensus forecast of analysts.
The Fed reiterated its commitment to achieving its dual mandate of maximum employment and 2% inflation. The agency noted that uncertainty regarding the economic outlook persists.
Following the announcement, the price of Bitcoin saw a brief spike in volatility but remained near its previous levels.
At the time of writing, the leading cryptocurrency is trading around $117,740. Over the past 24 hours, its price has shown no significant changes.
Other high-cap cryptocurrencies also showed little reaction to the Fed's decision.
The total crypto market capitalization stands at $3.86 trillion, down 0.06% over the past day.
Top 30 Crypto Assets by Market Capitalization
Analyst and MN Trading founder Michaël van de Poppe offered advice: amid macroeconomic reports and specifically the Fed’s announcements, traders should avoid leveraged trading and stay calm.
“The real movement will come in the next few days,” the expert emphasized.
As a reminder, on July 15, the price of Bitcoin dropped significantly following the release of U.S. inflation acceleration data.
