Crypto Price Today: Bitcoin holds at $27,000 after FOMC keeps rates unchanged
The US Federal Reserve announced its interest rate decision after a two-day FOMC meeting and left the benchmark interest rates unchanged at 5.25% — 5.50%. But Fed officials also signalled that they expect to raise rates once more this year.
Bitcoin (BTC) fell 0.42% to $26,997, whereas Ethereum (ETH) was just above the 1,600 level. Meanwhile, the global cryptocurrency market cap was trading lower, around $1.07 trillion, falling 0.56% in the last 24 hours.
«Bitcoin is staying afloat around $27,000 in spite of declines in stock indices after the US Fed's press conference. While the Fed held its interest rates, it signalled an upcoming increase before the end of the year. US Dollar index, DXY, continues to showcase strength which can negatively impact crypto asset prices in the near term,» said Vikram Subburaj, CEO of Giottus Crypto Platform.
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View Details»Meanwhile, Ankur Grover, CEO and co-founder of Zoksh Pay said, «Despite the recent decision by the Federal Reserve to maintain interest rates at the FOMC meeting, they haven't ruled out the possibility of future rate hikes. This uncertainty usually impacts various markets, but surprisingly, the crypto market has remained resilient, which is quite promising.»
Other top crypto tokens were also trading lower. Toncoin declined by over 6%, while XRP, BNB, Tron, and Litecoin fell by up to 3%.
The total volume in DeFi is currently $2.3 billion, 8.33% of the total crypto
