Cryptocurrency Price on May 2: Bitcoin slides below $58,000 after Fed decides to keep rates steady
Bitcoin declined on Thursday after the US Federal Reserve decided to maintain interest rates unchanged and its indication that rate cuts might be delayed. Additionally, Bitcoin's downward movement was influenced by a mixed launch of investment products tracking the world's top cryptocurrency and rival ether in Hong Kong.
At 12.02 pm IST, Bitcoin was down 3.3% at $57,629, while Ethereum dropped by 1.5% to $2,920.
Fed Chair Jerome Powell late on Wednesday said a rate hike was unlikely, but reiterated that a rate cut would be considered only if inflation in the economy eased further.
Edul Patel, CEO of Mudrex, said, «Bitcoin trades at $57,000 mark in the past 24 hours following the US Federal Reserve's decision to maintain its benchmark interest rate between 5.25% and 5.50%. Since late February, Bitcoin has experienced a downward trend, largely influenced by macroeconomic conditions and geopolitical uncertainties. The next support level lies at the $56,600 level and the resistance is at $58,800 level.
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Meanwhile, Vikram Subburaj, CEO
