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Home»ADOPTION NEWS»Bitcoin price rises as the Federal Reserve leaves interest rates unchanged.
ADOPTION NEWS

Bitcoin price rises as the Federal Reserve leaves interest rates unchanged.

By Crypto FlexsDecember 14, 20233 Mins Read
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Bitcoin price rises as the Federal Reserve leaves interest rates unchanged.
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Market • December 13, 2023 2:27 PM EST

Posted 1 minute ago In ~

bitcoin BTC

+4.66%
Prices rose on Wednesday as the U.S. Federal Reserve left interest rates at current levels, as expected.

The Federal Open Market Committee left the federal funds rate unchanged at its current range of 5.25%-5.50%, as most analysts had predicted. The move marked the fourth interest rate freeze this year after the central bank kept rates steady in November, September and June.

“Tighter financial and credit conditions for households and businesses are likely to put a strain on economic activity, employment, and inflation,” the central bank said in a statement, noting that although inflation has eased, it is still maintaining an upward trend. “Recent indicators show that growth in economic activity has slowed from the strong pace in the third quarter. Job growth has slowed since the beginning of the year but remains strong and unemployment remains low.”

Bitcoin rose nearly 3% after the U.S. Federal Reserve announced another interest rate freeze.

Bitcoin’s Development

The world’s largest cryptocurrency by market capitalization is up nearly 3% in the last 24 hours. $42,428 2 p.m. in New York, according to The Block’s pricing page. Bitcoin has pulled back from an early December rally that saw the digital asset hit a yearly high above $44,300.

The global cryptocurrency market cap is now $1.65 trillion, up 1.2% in the last 24 hours.

The market reacted optimistically to the Federal Reserve’s announcement, with all major stock indexes recording green. The Nasdaq rose 0.6%, the S&P 500 rose 0.6% and the Dow Jones Industrial Average rose 0.5%.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Brian McGleenon is The Block’s UK markets reporter. He has worked as a financial journalist and producer for several news outlets such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard and The Daily Express over the years. Brian is also a screenwriter and producer with one feature film and one in development at Northern Ireland Screen. In addition to web3 and cryptocurrency development, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity studies. Contact us via email (email protected).
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