Bitcoin (BTC) gains 4% as Fed maintains rates

The Bitcoin price (BTC) rose after theannouncement of the U.S. Federal Reserve about its key rates.

Not surprisingly, the Fed decided on Wednesday to maintain its rates unchanged for 3rd consecutive meeting.

The Federal Reserve is prepared to cut rates even if the US economy does not slip into recession in 2024, said Chairman Jerome Powell. “This could simply be a sign that the economy is normalizing and does not need a restrictive policy,” he added.

In the wake of the US central bank’s announcement, the price of the queen of cryptocurrencies recorded a notable rise. Over 24 hours, the Bitcoin (BTC) price rose by around 4.1% to $42,800.

24-hour Bitcoin price – Tradingview

The same can be said for the rest of the crypto market, with the majority of stocks in the green on Thursday. BONK, INJ, BEAM and HNT are leading the way, up 44, 32, 28 and 25% respectively. Runner-up ETH gained 4.9% to $2279.

Traditional stock markets also advanced. The Nasdaq closed up 4% on Wednesday.

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